Item 8.01 Other Events.
On January 3, 2023, New York City REIT, Inc. (the "Company") issued 251,256
shares of its Class A common stock, $0.01 par value per share ("Class A Common
Stock"), to the Company's advisor, New York City Advisors, LLC (the "Advisor")
as payment to the Advisor of its base management fee paid for advisory services
to be rendered in January 2023. The shares were issued at a per share price
equal to $1.99 which was the higher value per share between the minimum price
required by the New York Stock Exchange regulations and the price set forth in
the terms of the Second Amended and Restated Advisory Agreement, entered into on
November 16, 2018 and amended on August 18, 2020, by and among the Company, New
York City Operating Partnership, L.P., and the Advisor. As a result of the
issuance, Bellevue Capital Partners, LLC and its affiliates (including the
Advisor) own 3,430,142 shares equal to 22.3% as of January 3, 2023 of the Class
A common stock.
In addition, on January 3, 2023, the Company also issued 16,304 restricted
shares (the "Restricted Shares) of Class A Common Stock to Mr. Louis P. DiPalma,
a recently appointed director of the Company pursuant to the 2020 Omnibus
Incentive Compensation Plan of the Company. The Restricted Shares will vest over
a five-year period beginning on January 3, 2023 in increments of 20% per annum
subject to continued service through the applicable vesting date.
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