New York City REIT, Inc. (NYC) | Investment Case

1. Company Snapshot

1.a. Company Description

New York City REIT, Inc.(NYSE: NYC) is a publicly traded real estate investment trust listed on the NYSE that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City.

Show Full description

1.b. Last Insights on NYC

American Strategic Investment Co. faces challenges, including a notice from the NYSE regarding non-compliance with continued listing standards due to a 30-trading day average market capitalization below $50 million. The company's upcoming Q3 results, set to be released on November 12, 2025, may provide insight into its financial health. Additionally, the company's ability to regain compliance with NYSE standards is crucial for its future listing.

1.c. Company Highlights

Last Price	7.25
Change Percentage	-4.35%
Open	7.28
Previous Close	7.58
Market Cap ( Millions)	19
Volume	6441
Year High	16.3
Year Low	7.03
M A 50	8.98
M A 200	10.78

FCF Yield	-67.88%
Dividend Yield	0.00%
ROE	-31.38%
Debt / Equity	0.00%
Net Debt / EBIDTA	34.78%
Price To Book	0.26
Price Earnings Ratio	-0.88
Price To FCF	-1.47
Price To sales	0.49
EV / EBITDA	-1.66

2. American Strategic Investment Co. Posts Mixed Q3 Results Amidst Strategic Repositioning

The company's third-quarter 2025 revenue came in at $12.3 million, a decline of 20% compared to $15.4 million in the same period last year. The GAAP net gain attributable to common stockholders was $35.8 million, largely driven by a $44.3 million noncash gain related to the foreclosure at 1140 Avenue of the Americas. However, Adjusted EBITDA was $1.9 million, down from $4.1 million in Q3 2024. The EPS came out at -$3.23, missing estimates of -$1.76. The decline in revenue and Adjusted EBITDA was largely due to the proactive reduction in recurring expenses and management of the balance sheet.

Publication Date: Nov -30

                                    📋 Highlights
                                    Portfolio Lease Term Extension::
                                                Portfolio weighted average remaining lease term extended to 6.2 years post-renewal at 196 Orchard.
Tenant Quality::
                                                Top 10 tenants are 69% investment grade or implied investment grade, reflecting high-credit-quality occupancy.
Revenue & EBITDA Decline::
                                                Q3 2025 revenue fell to $12.3M vs. $15.4M in Q3 2024; adjusted EBITDA dropped to $1.9M from $4.1M.
Asset Sales Strategy::
                                                Marketing 123 William Street and 196 Orchard for sale to diversify holdings and strengthen balance sheet.
GAAP Net Gain Impact::
                                                $35.8M GAAP net gain driven by $44.3M noncash gain from 1140 Avenue of the Americas foreclosure.

                                

Operational Highlights and Portfolio Strength

The company has made significant progress in managing its portfolio, with 56% of leases now extending beyond 2030, up from 54% last quarter. The weighted average remaining lease term of the portfolio has been extended to 6.2 years following a meaningful lease renewal at 196 Orchard. The company's high-quality tenant base features top 10 tenants who are 69% investment grade or implied investment grade. As per Nick Schorsch Jr., the company is focused on "managing the company proactively, with a reduction in recurring expenses and management of the balance sheet."

Strategic Repositioning and Balance Sheet Management

The company is marketing 123 William Street and 196 Orchard for sale as part of its efforts to unlock value, diversify holdings, and strengthen the balance sheet. The company expects to dispose of 1140 Avenue of the Americas during the quarter. With a strong tenant base, including large investment-grade firms, and a focus on resilient industries near transit-oriented locations, the company is well-positioned for future growth. Analysts estimate revenue growth of 3.3% next year.

Valuation and Key Metrics

The stock is currently trading at a P/S Ratio of 0.54, EV/EBITDA of -1.84, and a P/B Ratio of 0.28. The ROE is -31.38%, and the Net Debt / EBITDA is 0.35. These metrics indicate that the market is pricing in significant challenges for the company, and the stock may be undervalued given its strong portfolio and proactive management. The company's focus on enhancing operational flexibility and deploying cash on the balance sheet into higher-yielding assets is expected to drive future growth.

3. NewsRoom

American Strategic Investment Co. Announces NYSE Acceptance of Continued Listing Compliance Plan

Dec -01

Source: businesswire.com

American Strategic Investment Co. (NYC) Q3 2025 Earnings Call Prepared Remarks Transcript

Nov -20

Source: seekingalpha.com

American Strategic Investment Co. Updates Date for Third Quarter 2025 Results

Nov -19

Source: businesswire.com

Enlight Renewable Energy to Participate at Upcoming Conferences

Nov -14

Source: globenewswire.com

American Strategic Investment Co. Updates Date for Third Quarter 2025 Results

Nov -13

Source: businesswire.com

American Strategic Investment Co. Updates Date for Third Quarter 2025 Results

Nov -10

Source: businesswire.com

New York City Law Firm Katsky Korins Celebrates 50 Years

Nov -05

Source: prnewswire.com

Der CEO von Havas und der Chairman von Vivendi präsentieren in ihrer Keynote auf der CES 2026 eine kühne Vision für die Kreativität von Mensch und KI

Nov -05

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.00%)

6. Segments

Real Estate Investment Trust

Expected Growth: 2.0%

New York City REIT, Inc.'s 2.0% growth is driven by increasing demand for commercial properties in NYC, fueled by a strong job market and growing industries such as tech and healthcare. Additionally, the REIT's strategic acquisitions and redevelopment of existing properties, as well as its focus on high-quality, Class A assets, contribute to its growth.

7. Detailed Products

Office Properties

New York City REIT, Inc. owns and operates a portfolio of office properties in New York City, providing high-quality office space to a diverse range of tenants.

Retail Properties

The company's retail properties offer prime storefronts and shopping centers in high-traffic areas, catering to a variety of retailers and restaurateurs.

Industrial Properties

New York City REIT, Inc.'s industrial properties provide functional and accessible spaces for light industrial, logistics, and distribution uses.

Mixed-Use Properties

The company's mixed-use properties combine office, retail, and residential spaces, offering a unique blend of uses in a single property.

8. New York City REIT, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for New York City REIT, Inc. is moderate due to the availability of alternative investment options in the real estate industry.

Bargaining Power Of Customers

The bargaining power of customers for New York City REIT, Inc. is low due to the fragmented nature of the real estate market and the lack of concentration among tenants.

Bargaining Power Of Suppliers

The bargaining power of suppliers for New York City REIT, Inc. is moderate due to the availability of multiple suppliers in the market, but the company's scale and reputation give it some negotiating power.

Threat Of New Entrants

The threat of new entrants for New York City REIT, Inc. is high due to the relatively low barriers to entry in the real estate industry and the attractiveness of the New York City market.

Intensity Of Rivalry

The intensity of rivalry for New York City REIT, Inc. is high due to the competitive nature of the real estate industry and the presence of several established players in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	63.77%
Debt Cost	3.95%
Equity Weight	36.23%
Equity Cost	3.47%
WACC	3.77%
Leverage	176.03%

11. Quality Control: New York City REIT, Inc. passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Piedmont Office Realty Trust

A-Score: 5.4/10

Value: 7.5

Growth: 2.2

Quality: 4.9

Yield: 8.0

Momentum: 3.5

Volatility: 6.0

1-Year Total Return ->

Brandywine Realty

A-Score: 5.0/10

Value: 6.8

Growth: 1.8

Quality: 4.5

Yield: 10.0

Momentum: 1.5

Volatility: 5.7

1-Year Total Return ->

New York City REIT

A-Score: 4.4/10

Value: 9.4

Growth: 3.3

Quality: 2.6

Yield: 0.0

Momentum: 8.5

Volatility: 2.3

1-Year Total Return ->

Empire State Realty OP

A-Score: 4.0/10

Value: 5.7

Growth: 4.4

Quality: 4.4

Yield: 3.0

Momentum: 2.5

Volatility: 4.3

1-Year Total Return ->

Office Properties Income Trust

A-Score: 3.8/10

Value: 8.2

Growth: 0.8

Quality: 4.0

Yield: 10.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Creative Media & Community Trust

A-Score: 2.2/10

Value: 8.5

Growth: 0.8

Quality: 1.8

Yield: 2.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

11.32%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

3.77%

New York City REIT, Inc. - US6494393043

1. Company Snapshot

1.a. Company Description

New York City REIT, Inc.(NYSE: NYC) is a publicly traded real estate investment trust listed on the NYSE that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City.

1.b. Last Insights on NYC

1.c. Company Highlights

Cheaper

More Volatile

Lower Yield

Earnings Miss

Strong Momentum

Earnings Beats

Revenues Beats

Revenues Miss

2. American Strategic Investment Co. Posts Mixed Q3 Results Amidst Strategic Repositioning

Operational Highlights and Portfolio Strength

Strategic Repositioning and Balance Sheet Management

Valuation and Key Metrics

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.00%)

6. Segments

Real Estate Investment Trust

Expected Growth: 2.0%

7. Detailed Products

Office Properties

Retail Properties

Industrial Properties

Mixed-Use Properties

8. New York City REIT, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: New York City REIT, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.25$

Current Price

7.25$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA