Michael Weil, president and CEO of New York City REIT, Inc . (NYSE: NYC), participated in a video interview in conjunction with Nareit’s REITweek: 2022 Investor Conference in New York on June 7-9.
Weil said New York City is starting to see many important indicators of a return to pre-pandemic levels of activity. “We never question the relevance of New York, it’s a world-class city…it’s coming back. There will be a new reality of how we use our office space, but there’s not a doubt out there that we will be back in New York,” he said.
The REIT also got close to booking a 100% rent collection level over the last three quarters, and that trend is expected to continue, Weil said. In addition, the leasing pipeline has been a “real positive,” with occupancy increases and new tenants coming online. “We continue to see great activity,” he added.
Weil noted that the barriers to entry in the Manhattan markets where it operates are limited. Furthermore, the last five to 10 years have seen an influx of tech companies. Manhattan will continue to be a vibrant market, and the REIT will focus on those submarkets where it sees the most activity. “It continues to be a strategic portfolio,” he said.