0001144204-14-054916.txt : 20140909 0001144204-14-054916.hdr.sgml : 20140909 20140909060142 ACCESSION NUMBER: 0001144204-14-054916 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140905 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140909 DATE AS OF CHANGE: 20140909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: American Realty Capital New York City REIT, Inc. CENTRAL INDEX KEY: 0001595527 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 464380248 STATE OF INCORPORATION: MD FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-194135 FILM NUMBER: 141092282 BUSINESS ADDRESS: STREET 1: 405 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2124156500 MAIL ADDRESS: STREET 1: 405 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: American Realty Captal New York City REIT, Inc. DATE OF NAME CHANGE: 20131230 8-K 1 v388726_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): September 9, 2014 (September 5, 2014)

 

American Realty Capital New York City REIT, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Maryland

(State or Other Jurisdiction of Incorporation)

 

333-194135   46-4380248
(Commission File Number)   (IRS Employer Identification No.)
     

 

405 Park Avenue, 15th Floor

New York, New York 10022

(Address, including zip code, of Principal Executive Offices)
 
(212) 415-6500
(Registrant’s Telephone Number, Including Area Code)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

Item 2.01. Completion of Acquisition or Disposition of Assets.

 

The Laurel Condominium

 

On September 5, 2014, American Realty Capital New York City REIT, Inc. (the “Company”), through its wholly-owned subsidiary, completed the acquisition of three commercial condominium units (together, the “Unit”) located at 400 East 67th Street in the Upper East Side neighborhood of Manhattan. The seller of the Unit was USPF IV Laurel Retail Owner, L.P. (the “Seller”). The Seller has no material relationship with the Company, its operating partnership, its sponsor or advisor or any of their respective affiliates.

 

The contract purchase price for the Unit was $76.0 million, exclusive of closing costs. The Company funded the purchase price with proceeds from its ongoing initial public offering. The Company may seek financing for the Unit after closing from a lender yet to be identified. There is no assurance that the Company will be able to secure financing on terms that it deems favorable or at all.

 

The Unit contains 58,750 rentable square feet and is 100% leased to three tenants: Cornell University, which represents 58% of annualized cash base rent, TD Bank, N.A., which represents 23% of annualized cash base rent, and Quik Park East 67th Street LLC (“Quik Park”), which represents 19% of annualized cash base rent, in each case based on leases in place at the time of acquisition.

 

The following table provides information relating to lease commencement and termination dates, rentable square feet, rental escalations, renewal options and annualized cash base rent for each of such three tenants:

 

Tenant Lease
Commencement
Date
Lease
Termination
Date

Rentable
Square
Feet
Annualized
Cash
Base Rent
(in thousands)
Rental
Escalations
Renewal
Options
Cornell University September 2008 June 2024 29,321 $2,300.0 15% every
five years
3-5 year options
TD Bank, N.A. March 2010 September 2025 3,420 $894.9 9% every
three years
3-5 year options
Quik Park March 2009 November 2021 26,009 $775.0 3% annual average increase 2-5 year options

  

A copy of the press release announcing the completion of the acquisition of the Unit is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01. Financial Statements and Exhibits.

 

(a)(4) The audited and unaudited financial statements relating to the Unit described in Item 2.01 of this Current Report on Form 8-K and required by Rule 3-14 of Regulation S-X are not included in this Current Report on Form 8-K. The Company will file such financial statements with the U.S. Securities and Exchange Commission within 71 calendar days after the date that this Current Report on Form 8-K must be filed, or by November 21, 2014.

 

(d) Exhibits

 

Exhibit No.   Description
99.1   Press Release dated September 9, 2014

  

 
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AMERICAN REALTY CAPITAL NEW YORK CITY REIT, INC.
     
     
Date: September 9, 2014 By: /s/ Nicholas S. Schorsch
    Name: Nicholas S. Schorsch
    Title:

Chief Executive Officer and

Chairman of the Board of Directors

 

 

 

 

 

EX-99.1 2 v388726_ex99-1.htm PRESS RELEASE

FOR IMMEDIATE RELEASE

 

 

American Realty Capital New York City REIT

Acquires Laurel Commercial Condominiums

 

New York, New York, September 9, 2014 – American Realty Capital New York City REIT, Inc. (“NYCR”), a public non-traded real estate investment trust (“REIT”), announced today that it completed the acquisition of the Laurel Commercial Condominiums located at 400 East 67th Street in the Upper East Side neighborhood of Manhattan for $76 million, exclusive of closing costs. The Laurel Commercial Condominiums contain three commercial condominium units, together, 58,750 rentable square feet, and are 100% leased to three tenants: Cornell University, TD Bank and Quik Park. The seller was represented by the Capital Transactions Group at Savills Studley.

 

“We are pleased to announce this acquisition as it is consistent with our strategy of purchasing high-quality New York City properties that will generate durable income and appreciation potential for our shareholders,” said Michael A. Happel, President of NYCR. Mr. Happel added, “This property is leased to high-quality tenants, is in excellent physical condition since it was recently built, and is in a strategically important location given its proximity to New York-Presbyterian Hospital and several other medical facilities.”

 

About NYCR

 

NYCR intends to elect and qualify as a REIT for U.S. federal income tax purposes beginning with the taxable year ending December 31, 2014 or its first year of material operations. Additional information about NYCR can be found on its website at www.newyorkcityreit.com.

 

Important Notice

 

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as “anticipate,” “believe,” “expect” and “intend” indicate a forward-looking statement, although not all forward-looking statements include these words.

 

Contacts

 

   

Michael A. Happel

President

American Realty Capital New York City REIT, Inc.

mhappel@arlcap.com

(212) 415-6500

Gregory R. Sullivan

Chief Operating Officer and Chief Financial Officer

American Realty Capital New York City REIT, Inc.

gsullivan@arlcap.com

(212) 415-6500

Andrew G. Backman

Managing Director

Investor Relations and Public Relations

RCS Capital Corporation

abackman@rcscapital.com

(917) 475-2135

 

 

Anthony J. DeFazio

SVP of Public Relations

DDCworks

tdefazio@ddcworks.com

(484) 342-3600

 

 

 

 

 

 

 

GRAPHIC 3 image_001.jpg GRAPHIC begin 644 image_001.jpg M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"C%%%`!1110`4444 M`%%%%`!1110`45S7B?59+.>UB@0'#L-B?4UG5J*E3=26R5RH1Y M4O\`C_#_`"%87AV[-EK$:OPLO[IQZ'M^M?,4>?"8JE7F_P"(M?5O_@H]2?+6 MI2A'[.WR_IG?T50NM:TRQG,%U?00R@`E'<`X-5SXIT$'!U:T'_;45]6>2:]% M9*^*-!8X&KV?_?X5;@U73[D@07UM(3V253_6@"W1110`4444`%%`((R**`"B MBB@`HHIN]=^S<-V,[<\XH`=1110`4444`%%1F>(=94'_``(4\$$9'(H`6BBB M@`HIJNK$A6!(ZX-.H`****`"BHTN(92PCFC1HL<:QJ,*H``]A7`>(+4V>M2[/E60B5#Z9_^ MO70_\)=8?\\;G_O@?XUBZ_JMIJJPM#'*LD9()=<`@UR9M7PU?#VIS7-'5?U; M^K&N#IU:=3WEHSK-/FBU'3X+ED1F9?FR`<$=?UJPUI;-]ZWA/U05S?@^\XGL MF/3]XG\C_2NJKU\!B/K&'C4Z]?5')B*?LZCB4I=(TV=2LNGVK@]FA4_TKF]8 M^'6D7T3/81BQN<94I]PGW'^%=C177.Z'XCU7PSK7]GWTDCVR2^5-#(V[ M9SCQ#I7D>MV)U_P")4MI:C(\Q%E8?PA0-Q_I7K8```'054A1%JEJM MS);6+>1C[3*1%`#TWMP"?8=3[`U=K(O=-GU#6(7N8K:73H4.V-F._P`P_P`6 M,8X&1^)J2CG?AOJEP]E?:%J#DW^F3LC;CRRDGG\\_I2W7CC48[GQ!!;Z7`YT M<@.O7IC.<5,OA&\L?'":[I36L%JT?E7%N2V9!W/`P#T_*H7\&ZBUUXI ME$]KMUE-D0RW[OM\W'/![4`26_CBXEU'05DTU8[+65/E/YN9$8#N,8Q^/^%% MWX_B@ENYHX(Y+*TO%M)?WG[UR>&=5_N@G\<&H4\&:DA\*G[1:?\`$ESYG+?O M>GW>..!WJQIGAC5]$UO46L+BR;3+Z8SD3(3+"QZ[>Q_&@!UWXMU)?$>I:'8: M0EW? M:M6R\/7MMX\OM>>6`VUS;K`(P3O7;CD\8[5#<>%;JZ\:76KRR0?8KBR-FT0) M\S!'7IB@!VD>*-0U2;3)TTECINHK(R3(Q)@VGCS.WS8[53;QW-%=Z:)]-:&& M^O&M1%*2LT>#@.5(P5-6O"NA:]X?M!IJ+$8OM";C&3G:EW,D0&(NH.%^8@`_G5[P-/)96NO:R6>+PZTC36<;-DJJYW$#/`Z#% M:R^%[UO'=SKTS6CVEQ;_`&9KE-JVFI>1/H&H*P6` MY\R$L,9'8_\`UA0!9TGQK]OO].@FMD5-1@>:#RI-[1[>=C^A(_7BHH?',QU# M1XKC3_(CU.5X5B!C/OTK'MO`NMHVC37.H64MQ87K7$LI1RTX8]68\D\8`X%`$&GW,NG^-/'% MS:1QF6"!)41R0I(7)SBIM.\5:UI_P[@U^>TBOE+%Y#YI5]K.$[?P_XAO+,13;K6(KN`DS MD\YZ''\J`-VQU.6^O(UA2)[1K5)S*K'.6Z#&/0$URGCG4;BZ\3:'X8CFD@M; MUP]TT;%6=,XV9].#6]X*T=M%\,6UO)(TDIRQ9NN,_*/;"XXIGBGPK_;TEE?6 MMP+74[&026\Q7G%`%J[\+:5<64=O#:16QB96B>%=K*5(/4=1QR#UK M(U[QI<:.-2E&G8AT^2-3YY*&Y#=3$<8.*W(?[;F,:W*V=L%(,CPNTA?V4$#& M??-4KLXS\PP?TK'U7Q.FK^"O$,>HZ<#-ITGD7ENDY4.-W!1P,_F.U0: MQ%=6OQ`\(P*T#7<5FZ5B6PG",V.@R/KBM+7?&=SHZZE)_9P$ M>G^5N,S%/M.[KY1Q@XIMSX2U%[GPU>0W%J+C2(_*D1]VQQM`R".>W2JVM^"] M9U>?7-^HVKQ7T:);F5&+0!2#M'903U(R30!!KLR77Q#\'74:E1/$[\]<%15.'F_=K^/7]*C\,60@TA9&4;YCOY';M63XDE:_UN"PC.0F M%_X$W7]*Z^*-88DC085%"CZ"O)H?[1CIU.D%RKUZG74_=T(QZRU_R%V+_=7\ MJAN[2.[M)H&48D4KG'2K%%>I*$9)Q:T9RIM.Z/-].N'TS5HI'R#&^R0>W0UZ M.""`1R#7"^*+/[-JS2`?).-_X]#72^';W[9I$6XYDB_=M^'3]*\#*).A7J82 M71W7]>EF>AC%[2G&LBQ=:SIEB[)=:A;0NO57E`(_"N9U;QY:.R6&AR)<7D[" M-)G^6*,GC))ZUT\VCZ;<7#7$VGVLDS8W2/$I8X]R*\W\=^$O[.E;5M/CQ:.? MWT:#_5-_>'H#^AKZ)6/-=SN/#7AJ'0+=V9_/OISNN+ANK'K@>U;MBRB\OS_*\TM)NV@9P!P">3G\J+`:M%87]NW+^& M)-6BT]Q-$K-);2$J?E/.#CGID<R$PWML9XI0YR<`'&,>AS^!H ML%S;IDDT4(!ED1`>FY@,U!87$MU:^=(BH&8[-I)RN>#^/6F:KIEMK&G365T@ M:.52,XY4]B/<4`6C-$(_,,J>7_>W#'YTJ2)(H:-U93T*G(KD--FN;^S;PQ>Q M8N+8B*ZD"X5H!]UA[L./S-=#J%[!HNGQE(1RZ0PQ)\H+,<*/84"-"BLF+59H MM:CTN^B1))HC+!)$Q*OC[RG/0CK[U!%K.HW.K7=E;Z?$5M)HTD=I\?(PSD#' M7VH&;*SPO,\*RHTJ`%D#`E<^H[5)7*BZ2R\8ZL8T1KB6V@$46<&5_G_R3V%= M-`9C"IN%192/F"$D#\30!)4*W=L[LB7$3,O4!P2*PO%ES+G2]-C=HUU"[6&5 MU.#Y8Y8`]L]*TKK1;"ZL/LGV>.-`!L**`4(Z$4`799X83&)940R-L0,P&YO0 M>IIMQ:6UVBI>]9^L7HM+K2XWM(YQ/=+&'<\Q-@_,!CKP M:@U"]OX_%.G64)B^SRQ22,&)!8KCK^?%`&[165/JLUMXAMM.E@18+F-FBGWG MEEZIC'7'/6K5A=278G=D58EE9(F5L[P."?SS^5`%F22.)=TCJB^K'`IL=Q#, M2(IHW(Z[6!Q69XI56\*ZH&`/^C2'D?[)KFU2/4+C0;72H?)OK18I[B;9Y>V' M;R/]K=^(IV%X@C?8\T:MZ,P! MI)+F"$@2S1H3R`S`9KG]>CC;Q9X;+(I/F3VN81/"8YQ(^#C`8;1V/4$BLJJJ-6IM)^ M>II!+XI+0P-%NXV\0K=7DBKN+-N;IN/2N]CD25`\;JZGHRG(K&U_6M+\/6UO M-?QKLFF6(`*.,]6.?X0.36RBHB`1A0O8*.*Y,!A)X6+@Y*5W?SU-<14]K:=K M=/N'45SNF>+[75-)Y4,I4%`8S@YP>,]L]:U=4U.+2K1;B9'=6FC MAPF,Y=@H_4UWW1@X23LUJ9OBV&-]*65F"O&XVY[YX(_SZ5SFA:L-+O"7R8)! MB0#MZ&N^F`\ICY?F$`D)QR?3FLC0]2BUM;ACI,EJ()6A)F"'+J2&`VD]"*\G M$Y=.IBEB*<^5KR['72Q"C1=.4;KU-*WO[2[QY%S%(2,X5N?RJ:2-)XGBE0/& MX*LK#((/:L?6];TOPU';37:*GVB80J449&>K'_9'4UM?2O4AS6]^U_(Y)+JM MCRK4].NO`/B.+4[(-)ITC;0:A90W=LX>&50RL/2J$,ME MXGTJYCE@8VYEDMW5\9)1BI(_$9%B-Z'T]_SK M2]R&G%V9Z%5">"Y?5K6X18_)B1U;+$,=V.@Q[5?!R,BN@%.KC?^%K>"O\`H.1?]^G_`/B: M/^%K>"O^@Y%_WZ?_`.)HYX]Q_5ZO\K^XV+/3;R#Q/?ZE((?(N8XXU56.Y=F> M3QCG-3Z[I3:MIXABE$4\4J3PN1D!U.1D>G:L#_A:W@K_`*#D7_?I_P#XFC_A M:W@K_H.1?]^G_P#B:.>/<7U>K_*_N-R.PN+K5K;4;Y(HWMHF2..-BWS-C])INGW5KK.J75>.C(%8EEVKMYX[]:Q/^%K>"O\`H.1?]^G_`/B: M/^%K>"O^@Y%_WZ?_`.)HYX]P^KU?Y7]Q:U'PW<:AJE_=EHXVDCC^R2JQWPR) MDANG0YY'I6_8_;/L<8OA%]I`PYB)VL?49Z5RW_"UO!7_`$'(O^_3_P#Q-'_" MUO!7_0K_*_N-_7-(&KVD:K*8+F"19K>8#.QQTX[CL M12PG5Y4$=Q':PGHTL4A;/^ZI''XFN?\`^%K>"O\`H.1?]^G_`/B:/^%K>"O^ M@Y%_WZ?_`.)HYX]P^KU?Y7]QN:SI]S?3::\'EXM;E9W\QB"0`1@<=>:;J6FW M)A;WMJEG'=I'J:2QR6P5AYB/G@X],9S[5MVT M"6MM'!&,)&H45Q?_``LKP#]K^U_VI;?:=NWS?(;=CTSMSBI_^%K>"O\`H.1? M]^G_`/B:.>/*S9]"NWLM-FM MWA@U6P1423)*2+@!D;OM/Z&L_P#X6MX*_P"@Y%_WZ?\`^)H_X6MX*_Z#D7_? MI_\`XFCGCW#ZO5_E?W&QK^G7NL>'Y+&,01SR[=Q9R57!!XXR>E3L-6D$4?EV ML*[AYCK(6;;WVC:.3TK`_P"%K>"O^@Y%_P!^G_\`B:/^%K>"O^@Y%_WZ?_XF MCGCW#ZO5_E?W&QJFFWEWKFEWL(A\JR9V8.Q#-N7''':M.]266RFCB"F1T*C< M<#D8KE/^%K>"O^@Y%_WZ?_XFC_A:W@K_`*#D7_?I_P#XFCGCW#ZO5_E?W&_X M>L)]+T*TL+@QM);H$W1DD-COS6G7&?\`"UO!/_0HK.T_P_ MI&E3O/8:?;V\KC!:-,'&S1TMXEC5W:1@HQEF.2?J311"*YB65`ZN%89&Y3D'\"`:FHH"[O<*AMK2WM%=;>)8Q)(TCA1U9CDGZDU M-10(J76F6-\^^ZM8IF\MHLR+GY6^\/QP*L11)#$D4:A410JJ.P'2GT4#N]C. MM-"TNQOI+VULHXKB0L7=B@&V]QL M<:11K&BA4484#H!5.ZT72KZFV<\I`&^6!6;`]R*O44`FUL9?_"-:#_T! M=._\!4_PH_X1K0?^@+IW_@*G^%:E%*R'SS[O[S+_`.$:T'_H"Z=_X"I_A1_P MC6@_]`73O_`5/\*U**+(.>?=_>9?_"-:#_T!=._\!4_PH_X1K0?^@+IW_@*G M^%:E%%D'//N_O,O_`(1K0?\`H"Z=_P"`J?X4?\(UH/\`T!=._P#`5/\`"M2B MBR#GGW?WF7_PC6@_]`73O_`5/\*/^$:T'_H"Z=_X"I_A6I119!SS[O[S+_X1 MK0?^@+IW_@*G^%'_``C6@_\`0%T[_P`!4_PK4HHL@YY]W]YE_P#"-:#_`-`7 M3O\`P%3_``H_X1K0?^@+IW_@*G^%:E%%D'//N_O,O_A&M!_Z`NG?^`J?X4?\ M(UH/_0%T[_P%3_"M2BBR#GGW?WF7_P`(UH/_`$!=._\``5/\*/\`A&M!_P"@ M+IW_`("I_A6I119!SS[O[S+_`.$:T'_H"Z=_X"I_A1_PC6@_]`73O_`5/\*U M**+(.>?=_>9?_"-:#_T!=._\!4_PH_X1K0?^@+IW_@*G^%:E%%D'//N_O,O_ M`(1K0?\`H"Z=_P"`J?X4?\(UH/\`T!=._P#`5/\`"M2BBR#GGW?WF5_PC.@_ M]`73O_`5/\*TXXHX8EBB14C0!551@`#L!3J*=A.3>["BBB@04444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%&***`$P*,"BB@`P*," MBB@`P*,"BB@`P*,"BB@`P*,"BB@`P*,"BB@`P*,"BB@`P*,"BB@`P*,"BB@` AP*,"BB@`P*,"BB@`P*,"BB@`P*6BB@`HHHH`****`/_9 ` end