New York REIT, the real estate investment trust formerly known as American Realty Capital New York Recovery REIT, made its debut on the New York Stock Exchange yesterday under the symbol NYRT. Shares in the REIT began trading at $10.70 and closed at $10.75, rising late in the trading day.
“NYRT’s successful listing on the NYSE marks another important milestone for the Company and provides it more efficient access to the capital markets which will help drive its future growth, while also creating a liquidity opportunity for our shareholders,” said Nicholas Schorsch, the chairman and chief executive of NYRT, in a prepared statement released prior to yesterday’s trading session.
The American Realty Capital New York Recovery REIT has agreed to acquire the 750,000-square-foot office tower at 1440 Broadway from Rockpoint Group and Monday Properties for $528.6 million.
“We are pleased to be acquiring 1440 Broadway,” said Michael Happel, chief investment officer of NYRR, in a prepared statement. “The Times Square South neighborhood, we believe, has significant long-term potential as the Times Square submarket pushes south and the Bryant Park submarket pushes north.”
Times of change and uncertainty are always worrisome for investors—fear takes hold, spending is called into question and valuations become unpredictable.
Mix an election season with the impending threat of a potentially devastating fiscal cliff, then throw in a destructive, rogue tropical storm named Sandy, and you’ve created an environment that is not conducive to a stellar business quarter for the commercial market.
However, thanks to tax law-motivated sales and retail—as well as a handful of big end-of-year leasing deals—the fourth quarter ended on a relatively positive note, despite a slowdown in leasing activity.
Monday Properties announced the 31,700-square-feet expansion of Macy’s, Inc. at 1440 Broadway, the building Monday Properties owns and operates on the southern fringe of Times Square at 40th Street.
It was the storied 150-year old retailer’s third expansion in two years at the 25-floor office building, and gave it full occupancy of the 10th floor, which Advance Magazine Publishers had subleased to Skadden Arps since 2006. CBRE Vice Chairmen Scott Gottlieb and Michael Laginestra represented the tenant, while Monday Properties Director Jordan Berger represented the owner.
Gannett Co. is leasing a 23,000 square foot space at 1440 Broadway. The media holding company, which owns USA Today as well as several other daily newspapers and television stations across the country, will be using the space for a new online division a source said.
New York’s golden landmark has gone green.
The Helmsley Building may glitter in the sun, but until recently it was producing a dark cloud of carbon emissions. Now, thanks to a $100 million renovation that included double-paned windows, a high-tech system to monitor energy use, and better cleaning and trash disposal practices, Monday Properties has Read More
Oren’s Daily Roast, a favorite of crabby Grand Central commuters, didn’t have to look far for a new mecca of caffeine addicts: Times Square. The local chain has signed a 12-year lease for 1,179 square feet at 1440 Broadway, at West 40th Street, Crain’s reports.
The coffee chain was Read More