New York City REIT : 2021 Year in Review - January 2022 Investor Presentation

NEW YORK CITY REIT

2021 Year in Review - January Investor Presentation

9 Times Square - New York, NY

2021 - Year in Review

NYC's Board of Directors, led by Elizabeth Tuppeny, in conjunction with the advisor, executed on several initiatives

throughout the COVID-19 pandemic in 2020 and 2021 by utilizing the full resources of the advisor's platform. Together, the

Board and the advisor mitigated adverse impacts from the COVID-19 pandemic by focusing on proactive asset management, increasing original Cash Rent(1)(2) collection rates and completing new leasing activity. As a result, NYC shareholders benefited from a 37% Total Return(1)(3) in 2021. NYC estimates that its NAV per share as of December 31, 2021 ranged from $22.12- $28.10(4)

Proactive Asset and Property Management			Successful Navigation Throughout COVID-19
▪ In Q1'21, Knotel, a former top 10 tenant, filed for bankruptcy	▪	Since Q4'20 and through Q4'21, NYC increased its
and terminated all their leased space with NYC			original Cash Rent collection rate by 12% to 94%
✓ NYC entered into new leases replacing 58% of the square		✓ Q4'21 portfolio original Cash Rent collection of 94%
feet and 53% of the Annualized Straight-line Rent(1)			✓ 97% of original Cash Rent collection from NYC's top 10
formerly derived from Knotel
		tenants in Q4'21
▪ In Q4'21, NYC executed a termination agreement with Icon Parking
▪ Diligently and proactively communicated with tenants to help
and Quik Park, two non-compliant tenants, and immediately
	them navigate the COVID-19 pandemic and mitigate adverse
backfilled the space with a new operator
	economic impacts
✓ The new operator, City Parking, began paying in full the new
	✓ NYC collected 100% of the deferred rent due in Q3'21 and
original Cash Rent due under the license agreement in
		Q4'21 that was subject to an Approved Agreement(1)
November 2021
		2021
Impactful Leasing Activity	Highlights	Strong 2021 Shareholder Return(3)(4)

▪ Through Q3'21, NYC completed 12 new leases in 2021, totaling over 86,000 square feet and $4.3 million of Annualized Straight-lineRent

• • NYC has added credit-worthy,rent-paying tenants to its portfolio in 2021, including a fortune 50 technology company and a publicly traded, Aa1 implied Investment Grade(1) rated e-commerce technology company
• Forward Leasing Pipeline(1) of 21,700 SF for Q3'21 that included one lease executed shortly after the third quarter and two executed LOIs

▪ NYC outperformed the S&P 500 by over 6% and a group of New York City focused REIT peers by over 24%(3)

• • NYC 2021 Total Return of 37%
  • New York City focused REIT peer performance of 12%
• NYC's estimate of 2022 property-levelincome results in an estimated NAV per share of $22.12 - $28.10, indicating further significant upside potential for NYC shareholders(4)

✓ The Leasing Pipeline is expected to increase portfolio	✓ 2022 estimated NAV per share represents a $11 - $17 per
Occupancy(1) to 87% and Occupancy at 9 Times Square by 5%	share premium on the January 7, 2022 closing price

1. See appendix for a full description of capitalized terms.
2. Refer to slide 3 - Continued Cash Rent Collection Success for additional information.
3. Refer to slide 2 - Exceptional Investor Returns in 2021 for additional information.
4. Refer to slide 4 - 2022 Estimated NAV per Share for additional information and slide 13 of the Appendix for additional information relating to limitations on, and risks related to, the estimated NAV per share.

1

Exceptional Investor Returns in 2021

NYC investors benefited from an exceptional Total Return in 2021 of 37% as compared to

several peer and index benchmarks, including New York City office peers and the S&P 500 Index

Symbol / Index	Name	Type	2021	Out
Total Return	Performance
NYC	New York City REIT Inc.	Office REIT	36.8%
ROOF	US Real Estate Small Cap ETF	Small-Cap Real Estate ETF	32.8%	4.0%
SLG	SL Green Realty Corp.	Office REIT	32.3%	4.5%
S&P 500	S&P 500 Index	S&P 500 Index	30.6%	6.2%
S&P 600	S&P Small-Cap 600 Index	S&P 600 Index	28.2%	8.6%
IJR	iShares Core S&P Small-Cap ETF	Small-Cap Index ETF	27.8%	9.0%
CUZ	Cousins Properties Inc.	Office REIT	26.6%	10.2%
OPI	Office Properties Income Trust.	Office REIT	20.2%	16.6%
VNO	Vornado Realty Trust	Office REIT	19.9%	16.9%
RUT 2000	Russell 2000 Index	FTSE Russell Small-Cap Index	16.5%	20.3%
ESRT	Empire State Realty Trust Inc.	Office REIT	-0.2%	37.0%
PGRE	Paramount Group Inc.	Office REIT	-2.6%	39.4%
EQC	Equity Commonwealth	Office REIT	-3.9%	40.6%
New York City Office Peer Group(1) Performance		12.3%	24.4%
Office REIT Peer Group(2) Performance		13.2%	23.6%
Index Group(3) Performance			27.2%	9.6%

NYC's Total Return of 37% outperformed the S&P 500 by

over 6% and a group of New York City focused REIT peers by over 24%

Source: S&P Capital IQ. Total Return calculated over the period beginning on January 1, 2021 through December 31, 2021. Total Return is calculated by taking the ending share price less the beginning share price plus dividends paid divided by the beginning share price, shown as a percentage.

1. Peer group includes SLG, VNO, ESRT and PGRE.
2. Peer group includes SLG, CUZ, OPI, VNO, ESRT, PGRE and EQC.
3. Index group includes ROOF, S&P 500, S&P 600, IJR and RUT 2000.

2

Continued Cash Rent Collection Success

NYC's portfolio mix of Investment Grade and government agency tenants with core commercial business

continues to provide dependable rental income, resulting in a year over year original Cash Rent collection rate

increase of 12%, including the collection of 97% of the original Cash Rent due from the Company's top 10 tenants in Q4'21

			Original Cash Rent Collection Detail
				94%
		91%	92%	October	November	December
	87%			92%	98%	93%
				collected	collected	collected
82%
				✓ Collected 97% of original Cash Rent due
				from NYC's top 10 tenants
				✓ November collection includes amounts
				received from a new garage operator put
				in-place during the quarter
				▪ NYC has yet to receive these amounts
				for the December collection period
				but fully expects to do so in January
Q4'2020	Q1'2021	Q2'2021	Q3'2021	Q4'2021

Note: Collection data as of January 7, 2022. Total rent collected during the period includes both original Cash Rent due and payments made by tenants pursuant to rent deferral agreements or otherwise. Excludes fourth quarter Cash Rent received or Deferral Agreements executed after January 7, 2022 that would apply to fourth quarter Cash Rent or any Deferral Agreement that would apply to fourth quarter Cash Rent. Eliminating the impact of deferred rent paid, we collected the same percentage of original Cash Rent due. This information may not be indicative of any future period and remains subject to changes based ongoing collection efforts and negotiation of additional agreements. The impact of the COVID-19 pandemic on our rental revenue for the fourth quarter of 2021 and thereafter cannot be determined at present. The ultimate impact on our future results of operations and liquidity will depend on the overall length and severity of the COVID-19 pandemic, which management is unable to predict.

3

2022 Estimated NAV per Share

NYC's estimate of 2022 property-level income results in an estimated NAV per

share of $22.12 - $28.10, indicating significant upside potential for NYC shareholders(1)

				Estimated Net Asset Value ("NAV") Valuation($ in mm, except for per share amounts and share count)
																																						Valuation at Estimated	(4)	Cap Rates
	Total 2022 estimated property-level revenue	(2)									$	65.0	$				65.0
		Less: Total 2022 estimated property-level operating expenses	(3)			32.9						32.9
	2022 estimated property-level income	(4)													$	32.0	$				32.0
	New York City market capitalization rate																	4.25%						4.75%
	Market value of NYC's portfolio	(5)																	$	754.0	$				674.6
		plus: Cash and cash equivalents	(6)																			23.2						23.2
		plus: Other assets	(7)																										19.0						19.0
		Less: Fair value of debt outstanding	(8)																		414.2						414.2
		Less: Other liabilities	(9)																									8.9						8.9
	2022 Estimated Net Asset Value																			$	373.1	$				293.7
	Basic and Diluted Shares Outstanding (as of December 31, 2021)			13.3						13.3
	Estimated NAV per share																						$28.10						$22.12
	January 7, 2022 closing price of common stock					$10.76						$10.76

Highlights

• Estimated NAV per share of $22.12 - $28.10 as of December 31, 2021
• NYC's estimated NAV per share represents a $11 - $17 per share premium on the January 7, 2022 closing price of $10.76 per share

The advisor expects NYC's portfolio mix of Investment Grade and government agency tenants

and their core commercial businesses to continue to provide dependable rental income, as shown by NYC's

resilient and growing high Cash Rent collection rate, and result in increased property-level income and valuations

Note: Refer to slide 5 - Notes to the Estimated NAV per Share for information on footnotes two through nine.

1. Refer to slides 13 of the Appendix for additional information relating to the limitations on, and risks related to, the estimated NAV per share and important disclosure notes used herein. Balance sheet accounts such as cash and cash equivalents, other assets, fair value of debt outstanding and other liabilities used herein as of the last reporting period of September 30, 2021. Although the Company does not believe that any activity affecting the Company's assets and liabilities between September 30, 2021 and December 31, 2021 would have a material impact on estimated NAV per share, there can be no assurance that the estimated NAV per share would be materially the same if the book value of these particular items as of December 31, 2021 was used in calculating the estimated NAV.

4