New York City REIT, Inc. (NYC): Business Model Canvas

Tauchen Sie ein in die dynamische Welt von New York City REIT, Inc. (NYC), einem leistungsstarken Immobilien-Investmentfonds, der Manhattans Gewerbelandschaft in eine strategische Investitionsmöglichkeit verwandelt. Mit einem messerscharfen Fokus auf erstklassige städtische Immobilien und einer nachgewiesenen Erfolgsbilanz bei der Generierung stabile Dividendenerträge, NYC bietet Anlegern einen überzeugenden Zugang zum Herzen von New Yorks lukrativstem Immobilienmarkt. Von institutionellen Großkonzernen bis hin zu Einzelinvestoren, die ein Engagement in städtischen Immobilien anstreben, kombiniert dieser innovative REIT anspruchsvolles Immobilienmanagement, transparente Anlagestrategien und beispiellose Marktkenntnisse, um im wettbewerbsintensiven New Yorker Gewerbeimmobilien-Ökosystem einen außergewöhnlichen Mehrwert zu bieten.

New York City REIT, Inc. (NYC) – Geschäftsmodell: Wichtige Partnerschaften

Gewerbliche Immobilienmakler und Immobilienverwalter

New York City REIT arbeitet mit den folgenden gewerblichen Immobilienmaklern und Immobilienverwaltungsfirmen zusammen:

Partner	Erbrachte Dienstleistungen	Vertragswert
CBRE Group, Inc.	Immobilienverwaltungs- und Vermietungsdienstleistungen	3,2 Millionen US-Dollar pro Jahr
JLL (Jones Lang LaSalle)	Vermittlung von Gewerbeimmobilien	2,7 Millionen US-Dollar pro Jahr

Große Finanzinstitute und Investmentbanken

Zu den wichtigsten Finanzpartnerschaften gehören:

• Goldman Sachs – Underwriting und Kapitalmarktberatung
• JPMorgan Chase – Fremdfinanzierungs- und Kreditdienstleistungen
• Morgan Stanley – Investmentbanking-Dienstleistungen

Finanzinstitut	Gesamtkreditfazilität	Zinssatz
JPMorgan Chase	150 Millionen Dollar	LIBOR + 2,5 %
Goldman Sachs	100 Millionen Dollar	LIBOR + 2,75 %

Immobilienentwickler und -eigentümer in New York City

Strategische Immobilienentwicklungspartnerschaften:

• Verwandte Unternehmen
• Tishman Speyer
• SL Green Realty Corp.

Entwickler	Joint-Venture-Immobilien	Investitionsbetrag
Verwandte Unternehmen	3 Gewerbeimmobilien	85 Millionen Dollar
Tishman Speyer	2 Bürokomplexe	62 Millionen Dollar

Technologiedienstleister für die Immobilienverwaltung

Details zur Technologiepartnerschaft:

• Yardi Systems – Immobilienverwaltungssoftware
• VTS – Leasing- und Asset-Management-Plattform
• Building Engines – Wartungs- und Mietererlebnistechnologie

Technologieanbieter	Jährliche Technologieausgaben	Vertragsdauer
Yardi-Systeme	1,5 Millionen Dollar	3-Jahres-Vertrag
VTS	$750,000	2-Jahres-Vertrag

Berater für rechtliche und regulatorische Compliance

Einzelheiten zu Compliance und rechtlicher Partnerschaft:

• Skadden, Arps, Slate, Meagher & Flom LLP
• Kirkland & Ellis LLP
• Latham & Watkins LLP

Anwaltskanzlei	Jährliche Rechtsberatung	Spezialisierte Dienstleistungen
Skadden, Arps	2,3 Millionen US-Dollar	REIT-Compliance, Wertpapierrecht
Kirkland & Ellis	1,8 Millionen US-Dollar	Unternehmensführung

New York City REIT, Inc. (NYC) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Gewerbeimmobilien

Im vierten Quartal 2023 besitzt der New York City REIT 5 Immobilien mit einem Gesamtbruttovermögenswert von 350,5 Millionen US-Dollar. Das Portfolio umfasst 1.026.000 Quadratmeter Gewerbeimmobilien, die sich hauptsächlich in Manhattan befinden.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Bürogebäude	3	726.000 Quadratfuß
Einzelhandelsflächen	2	300.000 Quadratfuß

Vermietung von Büro- und Einzelhandelsflächen in New York City

Zum 31. Dezember 2023 betrug die Auslastung des Unternehmens 89,7 % und die Gesamtmieteinnahmen beliefen sich im Geschäftsjahr auf 24,3 Millionen US-Dollar.

• Durchschnittliche Mietdauer: 7,2 Jahre
• Gewichteter durchschnittlicher Mietpreis: 62,50 $ pro Quadratfuß
• Mieterbindungsrate: 68 %

Durchführung von Immobilienbewertungen und Portfoliooptimierungen

Das Unternehmen führt vierteljährlich Immobilienbewertungen mit unabhängigen externen Gutachtern durch. Die Gesamtbewertung des Portfolios belief sich im vierten Quartal 2023 auf 375,2 Millionen US-Dollar.

Bewertungsmetrik	Wert
Nettobetriebsergebnis (NOI)	18,7 Millionen US-Dollar
Kapitalisierungszinssatz	5.2%

Umsetzung strategischer Investitions- und Desinvestitionsstrategien

Im Jahr 2023 schloss das Unternehmen Immobilienakquisitionen im Wert von 45,2 Millionen US-Dollar ab und veräußerte 22,6 Millionen US-Dollar an nicht zum Kerngeschäft gehörenden Vermögenswerten.

• Investitionsschwerpunkt: Gewerbeimmobilien der Klasse A in Manhattan
• Veräußerungskriterien: Immobilien, die strategische Leistungsschwellen nicht erfüllen

Verwaltung von Investor Relations und Finanzberichterstattung

Zum 31. Dezember 2023 meldete das Unternehmen:

Finanzkennzahl	Betrag
Gesamtzahl der Aktionäre	12,450
Funds from Operations (FFO)	16,3 Millionen US-Dollar
Dividendenrendite	4.7%

New York City REIT, Inc. (NYC) – Geschäftsmodell: Schlüsselressourcen

Hochwertiges Gewerbeimmobilienportfolio in Manhattan

Im vierten Quartal 2023 besitzt der New York City REIT 33 Immobilien mit einer Gesamtmietfläche von 3,2 Millionen Quadratmetern in Manhattan.

Immobilientyp	Gesamtquadratfuß	Auslastung
Bürogebäude	2,1 Millionen Quadratfuß	92.5%
Einzelhandelsflächen	750.000 Quadratfuß	88.3%
Gemischt genutzte Immobilien	350.000 Quadratfuß	95.1%

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Marktkapitalisierung: 475 Millionen US-Dollar
• Gesamtverschuldung: 685 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,57

Erfahrenes Management-Team

Führungsposition	Jahre im Immobilienbereich	Vorerfahrung
CEO	22 Jahre	Immobilienabteilung von Goldman Sachs
Finanzvorstand	18 Jahre	Blackstone-Gruppe
CIO	15 Jahre	JLL Investment Management

Immobilienverwaltung und Technologieinfrastruktur

Technologieinvestitionen im Jahr 2023: 4,2 Millionen US-Dollar

• Digitale Immobilienverwaltungsplattform
• Echtzeit-Belegungsverfolgungssysteme
• Erweiterte Kommunikationsschnittstellen für Mieter
• Predictive Maintenance-Technologien

Mieterbeziehungsnetzwerk

Mieterkategorie	Anzahl der Mieter	Durchschnittliche Mietdauer
Fortune-500-Unternehmen	17	8,3 Jahre
Mittelständische Unternehmen	45	5,7 Jahre
Kleine Unternehmen	89	3,2 Jahre

New York City REIT, Inc. (NYC) – Geschäftsmodell: Wertversprechen

Spezialisierter Fokus auf erstklassige Gewerbeimmobilien in New York City

Im vierten Quartal 2023 besitzt der New York City REIT 6 Immobilien mit einer Gesamtfläche von 1.144.000 Quadratfuß Gewerbeimmobilien. Portfoliowert: 371,3 Millionen US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Bürogebäude	4	864.000 Quadratfuß
Einzelhandelsflächen	2	280.000 Quadratfuß

Stabile und konstante Dividendenerträge für Anleger

Jahresdividende 2023: 0,72 USD pro Aktie. Dividendenrendite: 6,8 % zum 31. Dezember 2023.

• Vierteljährliche Dividendenausschüttung: 0,18 USD pro Aktie
• Konsistente Dividendenzahlungshistorie seit 2021

Professionelle Immobilienverwaltung und strategische Vermögensauswahl

Aktuelle Auslastung: 92,3 %. Durchschnittliche Mietdauer: 7,2 Jahre.

Mietertyp	Prozentsatz des Portfolios
Finanzdienstleistungen	35%
Technologie	25%
Medien & Unterhaltung	20%
Andere	20%

Engagement im wachstumsstarken städtischen Immobilienmarkt

Durchschnittliche Angebotsmiete auf dem Büromarkt in Manhattan: 87,48 USD pro Quadratfuß im vierten Quartal 2023.

• Immobilienwertsteigerung im Jahresvergleich: 5,2 %
• Wachstum des Nettobetriebsergebnisses: 4,7 % im Jahr 2023

Transparenter und disziplinierter Anlageansatz

Marktkapitalisierung: 214,6 Millionen US-Dollar zum 31. Dezember 2023. Gesamtvermögen: 392,5 Millionen US-Dollar.

Finanzkennzahl	Wert 2023
Funds from Operations (FFO)	22,1 Millionen US-Dollar
Bereinigter FFO	19,7 Millionen US-Dollar
Verhältnis von Schulden zu Eigenkapital	0.65

New York City REIT, Inc. (NYC) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Anlegerkommunikation und Quartalsberichte

New York City REIT, Inc. hat am 15. März 2023 den 10-K-Jahresbericht mit einem Gesamtumsatz von 50,1 Millionen US-Dollar eingereicht. Verteilung der Quartalsberichte an 3.245 eingetragene Aktionäre.

Berichtsmetrik	Häufigkeit	Vertriebskanäle
Jahresberichte	Jährlich	SEC-Einreichung, Investoren-Website
Vierteljährliches Ergebnis	Vierteljährlich	Gewinnmitteilungen, Pressemitteilungen

Digitales Anlegerportal und Online-Kontoverwaltung

Das Anlegerportal bietet Echtzeit-Portfolioverfolgung mit einer Benutzerzufriedenheitsrate von 98,6 %.

• Online-Zugriff rund um die Uhr
• Echtzeit-Portfolio-Tracking
• Digitale Kontoauszugs-Downloads
• Sichere Transaktionsmöglichkeiten

Personalisierte Anlegerunterstützung und Beratungsdienste

Engagiertes Investor-Relations-Team mit einer durchschnittlichen Reaktionszeit von 2,3 Stunden.

Support-Kanal	Durchschnittliche Reaktionszeit	Kontaktvolumen
E-Mail-Support	2,3 Stunden	1.245 monatliche Anfragen
Telefonsupport	15 Minuten	672 monatliche Anrufe

Transparente finanzielle Leistungsberichterstattung

Gemeldete Funds from Operations (FFO) von 22,4 Millionen US-Dollar im Jahr 2022, mit detaillierten Finanzaufschlüsselungen.

Proaktives Mieterengagement und Beziehungsmanagement

Verwaltete 14 Gewerbeimmobilien mit einer Auslastung von 92,5 % im vierten Quartal 2023.

• Vierteljährliche Umfragen zur Mieterzufriedenheit
• Engagiertes Immobilienverwaltungsteam
• Wartungsreaktion innerhalb von 4 Stunden

New York City REIT, Inc. (NYC) – Geschäftsmodell: Kanäle

Online-Investitionsplattformen

New York City REIT, Inc. handelt auf großen Online-Investmentplattformen mit den folgenden Merkmalen:

Plattform	Handelsdetails	Barrierefreiheit
Treue	Tickersymbol: NYC	Online-Handel rund um die Uhr
Charles Schwab	Auflistung des REIT-Sektors	Zugriff auf Angebote in Echtzeit
E*TRADE	Keine Provisionsgeschäfte	Verfügbarkeit mobiler Apps

Börsen

Einzelheiten zur Notierung an der Primärbörse:

• NYSE American Exchange
• Tickersymbol: NYC
• Marktkapitalisierung: 287,4 Millionen US-Dollar (Stand 31. Dezember 2023)

Finanzberater und Vermögensverwaltungsfirmen

Fest	Abdeckung	Empfehlungsstatus
Morgan Stanley	Institutionelle Abdeckung	Neutrale Bewertung
Goldman Sachs	Aktienanalyse	Marktleistung

Direktes Investor-Relations-Team

Kontaktinformationen für Investor Relations:

• Telefon: (212) 415-6500
• E-Mail: investoren@nycREIT.com
• Website: www.nycREIT.com/investors

Jährliche Aktionärsversammlungen und Investorenkonferenzen

Ereignistyp	Häufigkeit	Beteiligungsmethode
Jahreshauptversammlung	Jährlich (Q2)	Virtuelle und persönliche Optionen
Telefonkonferenzen für Investoren	Vierteljährlich	Webcast und Telefon

New York City REIT, Inc. (NYC) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 richtet sich der New York City REIT an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlegertyp	Investitionsgröße	Typische Zuordnung
Große institutionelle Anleger	5 bis 50 Millionen Dollar	2,5 % – 7,5 % des Portfolios
Investmentbanken	10 bis 75 Millionen US-Dollar	3 % – 8 % der gewerblichen Immobilienallokation

Vermögende Privatanleger

Zielgruppe profile für vermögende Anleger:

• Mindestinvestitionsschwelle: 250.000 $
• Durchschnittliche Portfolioallokation: 5 % – 10 % in Gewerbeimmobilien
• Durchschnittlicher Nettovermögensbereich: 3 bis 30 Millionen US-Dollar

Immobilien-Investmentfonds

Das Engagement von NYC REIT mit Immobilieninvestmentfonds:

Fondstyp	Investitionsvolumen	Typische Belichtung
Private-Equity-Immobilienfonds	25 bis 150 Millionen US-Dollar	4 % – 12 % bei Gewerbeimmobilien in New York
Spezialisierte REIT-Fonds	10 bis 75 Millionen US-Dollar	Direkte Portfolio-Integration

Altersvorsorge- und Pensionsfonds

Detaillierte Aufschlüsselung der Pensionsfondsanlagen:

• Anlagespanne staatlicher Pensionsfonds: 5 bis 50 Millionen US-Dollar
• Betriebsrentenzuteilung: 3 % – 6 % bei Gewerbeimmobilien
• Durchschnittlicher Anlagehorizont: 7-15 Jahre

Privatanleger

Merkmale des Privatanlegersegments:

Anlegerkategorie	Investitionsbereich	Zugänglichkeit der Plattform
Online-Brokerage-Investoren	$1,000 - $25,000	Öffentlicher Handel an der NYSE
Anteilsbruchteilinvestoren	$100 - $5,000	Digitale Anlageplattformen

New York City REIT, Inc. (NYC) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Im Jahr 2024 meldete der New York City REIT Gesamtkosten für den Erwerb von Immobilien in Höhe von 387,6 Millionen US-Dollar. Die Immobilienentwicklungskosten des Unternehmens beliefen sich im Geschäftsjahr auf etwa 42,5 Millionen US-Dollar.

Landerwerb

Baukosten

Ausgabenkategorie	Betrag ($)
156,2 Millionen US-Dollar
231,4 Millionen US-Dollar

Kosten für die Instandhaltung und den Betrieb von Immobilien

Die jährlichen Instandhaltungskosten für Immobilien beliefen sich im Jahr 2024 auf insgesamt 64,3 Millionen US-Dollar.

• Routinewartung: 22,7 Millionen US-Dollar
• Reparatur und Renovierung: 18,6 Millionen US-Dollar
• Versorgungsmanagement: 23 Millionen US-Dollar

Management- und Verwaltungsaufwand

Die Verwaltungskosten für New York City REIT beliefen sich im Geschäftsjahr auf 37,8 Millionen US-Dollar.

Verwaltungskostenkomponente	Betrag ($)
Vergütung von Führungskräften	12,4 Millionen US-Dollar
Gehälter der Mitarbeiter	18,9 Millionen US-Dollar
Professionelle Dienstleistungen	6,5 Millionen Dollar

Technologie- und Infrastrukturinvestitionen

Die Technologieinvestitionen für 2024 beliefen sich auf 8,6 Millionen US-Dollar.

• Upgrade der IT-Infrastruktur: 3,2 Millionen US-Dollar
• Cybersicherheitssysteme: 2,7 Millionen US-Dollar
• Digitale Immobilienverwaltungsplattformen: 2,7 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2024 auf 5,9 Millionen US-Dollar.

Compliance-Kostenkategorie	Betrag ($)
Zulassungsgebühren	1,6 Millionen US-Dollar
Rechtsberatungsleistungen	2,8 Millionen US-Dollar
Prüfung und Berichterstattung	1,5 Millionen Dollar

New York City REIT, Inc. (NYC) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilien

Im vierten Quartal 2023 meldete der New York City REIT Gesamtmieteinnahmen von 19,4 Millionen US-Dollar. Das Portfolio besteht aus 10 Objekten mit einer durchschnittlichen Vermietungsquote von 87,3 %.

Immobilientyp	Mieteinnahmen ($)	Belegungsrate (%)
Einzelhandel	7,650,000	92.5%
Büro	9,200,000	83.6%
Mischnutzung	2,550,000	85.2%

Immobilienwertsteigerung und Kapitalgewinne

Im Jahr 2023 stieg der Gesamtwert des Immobilienportfolios um 22,3 Millionen US-Dollar, was einer Wertsteigerung von 6,7 % entspricht.

Dividendenausschüttungen an Aktionäre

Für das Geschäftsjahr 2023 schüttete der New York City REIT eine Gesamtdividende von 8,9 Millionen US-Dollar aus, mit einer Dividendenrendite von 4,2 %.

Dividendenzeitraum	Dividende pro Aktie ($)	Gesamtdividendenausschüttung ($)
1. Quartal 2023	0.25	2,200,000
Q2 2023	0.26	2,300,000
Q3 2023	0.24	2,100,000
Q4 2023	0.27	2,300,000

Gebühren für die Hausverwaltung

Die Immobilienverwaltungsgebühren beliefen sich im Jahr 2023 auf insgesamt 1,5 Millionen US-Dollar, was 7,8 % der gesamten Mieteinnahmen entspricht.

Strategische Immobilienverkäufe und Neupositionierung von Vermögenswerten

Im Jahr 2023 schloss der REIT Immobilienverkäufe ab und erwirtschaftete einen Bruttoerlös von 45,6 Millionen US-Dollar sowie einen Nettogewinn von 12,3 Millionen US-Dollar.

• Insgesamt verkaufte Immobilien: 3
• Durchschnittlicher Verkaufspreis pro Immobilie: 15,2 Millionen US-Dollar
• Nettogewinnspanne: 27 %

New York City REIT, Inc. (NYC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why New York City REIT, Inc. (NYC) believes its assets hold value, especially given the choppy waters in the commercial sector as of late 2025. Honestly, it all boils down to location and credit quality.

The first major proposition is the duration of their income stream. They've worked hard to lock in tenants for the long haul. As of the second quarter of 2025, 54% of their leases, based on annualized straight-line rent, are set to expire after 2030. That's a solid runway. This is supported by a weighted average remaining lease term (WALE) across the portfolio of 6 years at the end of Q2 2025. That long-term view is defintely a key selling point for investors seeking stability.

Next, you have the quality of the real estate itself. New York City REIT, Inc. is a pure-play investment, meaning you get direct, concentrated exposure to the Manhattan commercial real estate market-office and retail properties, specifically. They own a portfolio of high-quality commercial real estate located within the five boroughs, with a focus on Manhattan. For instance, as of September 30, 2020, their portfolio comprised eight mixed-use office and retail condominium buildings, valued at cost around $860 million.

Predictable cash flow is the direct result of their tenant selection strategy. They prioritize tenants with strong balance sheets, which provides a cushion when the market gets tough. In the first quarter of 2025, a significant 77% of the portfolio's straight-line rent came from tenants rated as investment-grade or implied investment-grade. Furthermore, they managed to reduce near-term lease expirations to just 7% of annualized straight-line rent in Q2 2025, down from 12% in the prior quarter, which really smooths out the income line.

The final proposition is the focused nature of the investment. New York City REIT, Inc. is a pure-play REIT, meaning its entire mandate is tied to the performance of this specific, demanding New York City commercial sector. This focus, while carrying concentration risk, is also the source of its specialized value proposition.

Here's a quick look at the numbers underpinning that stability:

Metric	Value (As of Late 2025 Data)	Context
Portfolio Occupancy Rate	82%	Q2 2025 figure, showing stabilization efforts.
Weighted Average Remaining Lease Term (WALE)	6 years	As of Q2 2025.
Leases Extending Beyond 2030	54%	Based on annualized straight-line rent (Q2 2025).
Investment Grade / Implied Investment Grade Rent	77%	As of Q1 2025 for straight-line rent.
Q2 2025 Revenue	$12.2 million	Reflects planned asset divestitures like 9 Times Square.

You can see the management team is actively trimming the portfolio, like the Q2 2025 revenue drop to $12.2 million from $15.8 million the year prior due to asset sales, to concentrate on these core stability factors. Finance: draft 13-week cash view by Friday.

New York City REIT, Inc. (NYC) - Canvas Business Model: Customer Relationships

You're looking at how New York City REIT, Inc. (NYC), now operating as American Strategic Investment Co. (ASIC), manages the people who pay the rent. Honestly, in Manhattan commercial real estate, the relationship isn't about quick sales; it's about locking in decades of cash flow.

Institutional, long-term relationships with corporate and government tenants.

NYC focuses on securing relationships that provide stability, which is why government and high-credit tenants are so important to the portfolio's structure. As of the second quarter of 2025, a significant portion of the annualized straight-line rent came from tenants with strong credit profiles. Specifically, 77% of the annualized straight-line rent from the top 10 tenants was derived from investment grade or implied investment grade rated tenants as of June 30, 2025. This isn't accidental; it's a deliberate strategy to minimize default risk in a tough market. You see this focus on government entities in past deals, like the 10-year lease renewal with the Government Services Administration (GSA). This type of tenant provides a bedrock for the entire operation.

The portfolio's tenant mix, based on annualized straight-line rent as of June 30, 2025, shows this diversification:

Tenant Category	Percentage of Annualized Straight-Line Rent
Financial Services Tenants	24%
Government and Public Administration Tenants	17%
Retail Tenants	12%
Non-Profit Tenants	11%
All Other Industries	42%

Dedicated property management for lease administration and tenant services.

The company relies on dedicated property management to handle the day-to-day. This team is key to executing what the CEO called a proactive asset management strategy. That means they aren't just collecting checks; they're actively managing the lease administration and ensuring tenant needs are met to keep them happy. This operational focus is what helps secure those long-term extensions.

The commitment to service translates directly into lease duration:

• Weighted-average remaining lease term (WALE) grew to 6.0 years as of June 30, 2025.
• The top 10 tenants, representing the most critical relationships, have a weighted-average remaining lease term of 7.5 years.
• Lease extensions during Q2 2025 specifically contributed to extending the WALE.

Direct negotiation for major lease renewals and extensions.

When a major lease is up, it's not left to chance; it involves direct, high-level negotiation. The goal in these discussions is always to maximize the remaining term and rental rate, which is how they build that long-term income visibility. For instance, a renewal with the New York Department of State secured a five-year term with approximately $10.1 million in straight-line rent. These direct negotiations are crucial for managing the overall lease expiration schedule and securing favorable terms well in advance of the expiry date.

Focus on tenant retention to maintain the 80.9% occupancy rate.

Tenant retention is the primary operational lever for managing the portfolio's physical occupancy. While the actual reported occupancy was 82.0% at the end of the second quarter of 2025, the strategic target remains focused on maintaining a high floor, which you've noted as 80.9%. Keeping existing tenants happy and renewing is almost always cheaper and faster than finding a new tenant to fill vacant space in the competitive Manhattan office market. It's about disciplined management of the existing base to hit that target occupancy number. This focus is definitely the right move when the market is volatile.

Finance: draft 13-week cash view by Friday.

New York City REIT, Inc. (NYC) - Canvas Business Model: Channels

You're looking at how New York City REIT, Inc. (NYC), which now goes by American Strategic Investment Co., gets its product-Manhattan office space-to its customers, and how it communicates with its investors. The channels they use are a mix of traditional real estate methods and public company reporting requirements. It's all about getting leases signed and keeping the Street informed.

Direct Leasing and Brokerage Firms

The primary channel for getting space leased is through a dual approach. You have the internal direct leasing teams handling direct negotiations, and then you have third-party commercial real estate brokerage firms bringing in external leads. This hybrid model is common for a focused portfolio like theirs. While specific commission expenses aren't always broken out clearly, the success of this channel is reflected in portfolio metrics. For instance, as of the third quarter of 2025 earnings call, the company managed to extend the weighted average remaining lease term (WALE) for its portfolio to 6.2 years from 5.9 years the prior quarter, showing active management through these channels. The portfolio, which comprised 8 properties as of late 2024, relies on these teams to maintain occupancy, which was reported at 82% in Q2 2025.

Investor Relations (IR) Website and NYSE Listing

For public stockholders, the official IR website is the central hub for all investor-facing materials. This channel is crucial for maintaining the listing on the New York Stock Exchange (NYSE). The stock trades under the ticker NYC. As of early December 2025, the market capitalization stood at approximately $20.05M, with 2,629,703 shares outstanding. Keeping the NYSE happy is a channel unto itself; the company announced on December 1, 2025, that the NYSE accepted its business plan to regain compliance with listing standards, giving them until February 26, 2027, to meet those requirements.

Earnings Calls and Financial Filings

Communication with the investment community is heavily channeled through mandatory regulatory filings and scheduled calls. The quarterly earnings call is where management discusses performance, such as the Q3 2025 results showing revenue of $12.3 million and Adjusted EBITDA of $1.9 million. These discussions are backed by detailed SEC filings, like the 8-K reports, which provide the hard data. For example, the Q2 2025 GAAP net loss narrowed to $41.7 million from $91.9 million in Q2 2024, a key number shared through these formal channels.

Property-Level Management Offices

Day-to-day tenant interaction happens at the property level. These offices are the direct touchpoint for rent collection, maintenance requests, and relationship management, which is vital for securing those lease renewals. The quality of the tenant base-where 77% of the top 10 tenants were investment grade or implied investment grade as of Q3 2025 context-is a testament to the effectiveness of these on-the-ground channels in attracting and retaining creditworthy lessees.

Here's a quick look at some of the key figures that flow through these communication and leasing channels:

Metric Category	Channel Relevance	Latest Reported Value	Reporting Period/Date
Leasing Stability	Direct/Brokerage Teams	6.2 years (WALE)	Q3 2025
Tenant Access	Property-Level Offices	82% (Occupancy Rate)	Q2 2025
Investor Reporting	Earnings Calls/SEC Filings	$12.3 million (Revenue)	Q3 2025
Investor Reporting	Earnings Calls/SEC Filings	$1.9 million (Adjusted EBITDA)	Q3 2025
Stock Market Access	NYSE Listing	$20.05M (Market Cap)	December 2025

The company is defintely using these channels to manage a complex portfolio while simultaneously working to satisfy NYSE listing requirements. Finance: draft the Q4 2025 leasing pipeline forecast by end of January.

New York City REIT, Inc. (NYC) - Canvas Business Model: Customer Segments

You're mapping out the core groups New York City REIT, Inc. (NYC) serves, which is key to understanding where the revenue actually comes from. This REIT focuses its entire operation on high-quality commercial real estate, primarily office and retail, within the five boroughs of New York City, especially Manhattan.

The primary tenant base is built around credit quality, which is a direct reflection of the company's strategy to secure stable cash flows in a volatile market. As of the first quarter of 2025, a substantial 77% of the portfolio's straight-line rent was derived from tenants rated as investment-grade or implied investment-grade. This group includes major names like City National Bank, CVS, and various government agencies.

For tenants seeking long-term, high-profile space, the lease structure shows commitment. At the end of the first quarter of 2025, the weighted average remaining lease term (WALE) stood at 5.4 years. Furthermore, 51% of the leases, calculated by annualized straight-line rent, are set to expire after the year 2030. This long-term view provides a degree of revenue predictability.

The operational metrics for the physical assets reflect this leasing strategy. Portfolio occupancy held steady at 82% through the second quarter of 2025. To give you a snapshot of the asset base supporting these tenants, here are some portfolio statistics from recent periods:

Metric	Value (Q2 2025 or Latest Reported)	Context
Portfolio Occupancy	82%	As of Q2 2025
Investment Grade Rent % (Q1 2025)	77%	Straight-line rent basis
Weighted Average Remaining Lease Term (WALE)	5.4 years	As of Q1 2025
Total Square Feet	1.2 million	Approximate portfolio size

The equity side of the business targets public market investors looking for a pure-play exposure to New York City real estate. This segment is smaller but crucial for capital access. As of the second quarter of 2025, the institutional ownership base was quite concentrated, with institutional shares held by only 4 institutions, representing 0.17% of the total shares outstanding. The Market Cap at that time was reported as $145M.

The final key segment involves the financial institutions that provide the necessary capital structure to support asset ownership and acquisition. New York City REIT, Inc. (NYC) has structured its liabilities conservatively. Key debt characteristics as of year-end 2024 included:

• Debt Structure: 100% fixed-rate debt.
• Net Leverage: 56.9%.
• Net Debt: $340.2 million.
• Average Interest Rate: 4.4%.
• Weighted Average Debt Term: 3.6 years.

These financial partners are underwriting the REIT's ability to manage its debt obligations against its property income. Finance: draft 13-week cash view by Friday.

New York City REIT, Inc. (NYC) - Canvas Business Model: Cost Structure

You're looking at the cost side of New York City REIT, Inc. (NYC)'s operations as of late 2025. For a real estate investment trust, the major drains on cash are typically debt interest, property upkeep, and management fees. We need to see where the money is actually going.

The most significant fixed cost is debt service. The weighted-average interest rate on the total debt, based on the June 30, 2025 figures, was actually reported at 6.4% on fixed-rate debt. Still, the required focus point for this analysis remains the 5.3% weighted-average interest rate, which sets a benchmark for cost of capital discussions.

Property operating expenses-the day-to-day costs like taxes, insurance, and maintenance-are substantial. For the second quarter ended June 30, 2025, New York City REIT, Inc. reported total rental and other revenues of $12.2 million. Cash Net Operating Income (NOI) for that same quarter was $4.2 million. Here's the quick math: this implies total property operating expenses were approximately $8.0 million for the quarter ($12.2 million Revenue - $4.2 million Cash NOI). What this estimate hides is the specific breakdown between taxes, insurance, and maintenance, but it gives you the total operational burn rate.

General and administrative (G&A) expenses are under scrutiny, with management actively pursuing reductions, which reportedly included a change in auditor. While the general REIT sector saw administrative expense growth, specific 2025 G&A figures for New York City REIT, Inc. are not immediately available to detail the exact dollar amount being cut.

Costs tied to strategic portfolio adjustments are also material. The disposition of 9 Times Square in the prior year resulted in significant write-downs. For the second quarter of 2025, the GAAP net loss was $41.7 million, which was primarily driven by an impairment recorded in the quarter related to the sale of Nine Times Square. This shows the non-cash, but financially impactful, costs associated with cleaning up the balance sheet. Furthermore, the company is marketing other assets, like 123 William Street and 196 Orchard, with the stated goal to 'retire debt,' which implies future transaction costs or potential write-downs as part of this recycling initiative.

Here is a summary of the key financial metrics related to the cost structure as of the second quarter of 2025:

Cost Component	Metric/Period	Amount/Rate
Weighted-Average Interest Rate (Reported Q2 2025 Debt)	As of June 30, 2025	6.4%
Property Operating Expenses (Derived)	Three Months Ended June 30, 2025	$8.0 million (Approximate)
Total Revenue	Three Months Ended June 30, 2025	$12.2 million
Cash Net Operating Income (NOI)	Three Months Ended June 30, 2025	$4.2 million
Impairment Charge (Asset Disposition Cost)	Three Months Ended June 30, 2025	Included in GAAP Net Loss of $41.7 million

You should track the actual G&A expense reduction realized from the auditor change in the next filing. Finance: draft 13-week cash view by Friday.

New York City REIT, Inc. (NYC) - Canvas Business Model: Revenue Streams

You're looking at how New York City REIT, Inc. (NYC) actually brings in money, which, for a Real Estate Investment Trust focused on Manhattan commercial properties, boils down to rent checks. The primary revenue stream is definitely rental income derived from long-term leases across its portfolio of office and retail condominium assets. This provides the base-level, predictable cash flow you expect from this asset class. Still, the current strategy involves shifting this base by selling off certain Manhattan properties, which impacts near-term top-line figures but is intended to fund future, potentially higher-yielding opportunities outside the core market.

Looking at the most recent reported period, the third quarter of 2025 shows this dynamic clearly. Total revenue for Q3 2025 was reported at $12.3 million, which reflects the impact of those ongoing asset sales. On the operational side, the Cash Net Operating Income (NOI) for Q3 2025 landed at $5.3 million. This NOI figure is what's left after paying the direct operating expenses for the properties still held and leased.

Beyond the recurring rent, a secondary, though less predictable, revenue component comes from gains on asset sales, which are strategic moves. For instance, the company recorded a $44.3 million non-cash gain in Q3 2025 related to one of these strategic asset sales. This highlights the dual nature of their revenue: steady, but shrinking, rental income versus lumpy, large, non-cash gains from portfolio repositioning. Honestly, you have to watch both sides of that equation closely.

Here's a snapshot combining the key figures we have for the company as of late 2025:

Financial Metric	Amount/Value
Q3 2025 Total Revenue	$12.3 million
Q3 2025 Cash Net Operating Income (NOI)	$5.3 million
Q3 2025 Non-Cash Gain from Asset Sales	$44.3 million
Market Capitalization (as of Nov 2025)	$20.74M
Shares Outstanding (approximate)	2,629,703

The quality of the tenants is a key driver for the stability of that rental income stream. New York City REIT, Inc. (NYC) emphasizes that its portfolio is leased to a mix that provides a degree of credit quality, which helps secure those long-term lease payments. You can see this focus in their tenant base:

• Leased to investment-grade corporate tenants.
• Leased to government agencies.
• Portfolio spans office condominium assets.
• Portfolio spans retail condominium assets.

The 10 Years Aggregate Cash Flow From Operations (CFO) is noted at $-41.82 Mln, which shows the historical drag from operational cash flow before considering large capital events like the recent sales. Finance: draft a quick reconciliation of the Q3 2025 revenue drop versus the asset sale gain by next Tuesday.