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Organization
12 Months Ended
Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization
Organization
American Realty Capital New York Recovery REIT, Inc. (the "Company"), incorporated on October 6, 2009, is a Maryland corporation that qualified as a real estate investment trust for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2010.  On September 2, 2010, the Company commenced its initial public offering (the "IPO") on a "reasonable best efforts" basis of up to 150.0 million shares of common stock, 0.01 par value per share, at a price of $10.00 per share, subject to certain volume and other discounts, pursuant to a registration statement on Form S-11, as amended (File No. 333-163069) (the "Registration Statement") filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"). The Registration Statement also covers up to 25.0 million shares available pursuant to a distribution reinvestment plan (the "DRIP") under which the Company's common stockholders may elect to have their distributions reinvested in additional shares of the Company's common stock at the greater of 9.50 per share or 95% of the estimated value of a share of common stock. On August 2, 2013, the Company filed a Registration Statement on Form S-11 with the SEC to register a follow-on offering of up to 12.5 million shares of common stock at a price of $10.00 per share on a “reasonable best efforts” basis and 1.25 million shares of common stock pursuant to the DRIP at $9.50 per share.
On November 27, 2013, the Company registered an additional 25.0 million shares to be used under the DRIP (including a direct stock component) pursuant to a registration statement on Form S-3D (File No. 333-192576). The new DRIP, including the direct stock component, became effective December 6, 2013 and, as permitted by the IPO prospectus, the Company reallocated the remaining DRIP shares from its IPO to the IPO’s primary offering. As of December 11, 2013, the Company closed the IPO following the successful achievement of its target equity raise.
As of December 31, 2013, the Company had 174.1 million shares of common stock outstanding, including unvested restricted shares, converted shares of convertible preferred stock (the "Preferred Shares") and shares issued under the DRIP. As of December 31, 2013, the Company had received total proceeds from the IPO and the DRIP of $1.7 billion from the sale of 172.1 million shares of common stock, including shares issued under the DRIP.  In addition, the Company sold 2.0 million Preferred Shares for gross proceeds of $17.0 million in a private placement pursuant to Rule 506 of Regulation D of the Securities Act (the "Preferred Offering"), which terminated on September 2, 2010, the effective date of the Registration Statement. On December 15, 2011, the Company exercised its option to convert the Preferred Shares into 2.0 million shares of common stock on a one-for-one basis. As of December 31, 2013, the aggregate value of all issuances and subscriptions of common stock outstanding was $1.7 billion based on a per share value of $10.00 (or $9.50 for shares issued under the DRIP).
The Company was formed to acquire income-producing commercial real estate in the New York metropolitan area, and, in particular, properties located in New York City, with a focus on office and retail properties. All such properties may be acquired and operated by the Company alone or jointly with another party. The Company may also originate or acquire first mortgage loans secured by real estate.  The Company purchased its first property and commenced active operations in June 2010.  As of December 31, 2013, the Company owned 23 properties and real estate-related assets.
Substantially all of the Company's business is conducted through New York Recovery Operating Partnership, L.P. (the "OP"), a Delaware limited partnership. The Company has no employees.  The Company has retained New York Recovery Advisors, LLC (the "Advisor") to manage its affairs on a day-to-day basis. New York Recovery Properties, LLC (the "Property Manager") serves as the Company's property manager, unless services are performed by a third party for specific properties.  Realty Capital Securities, LLC (the "Dealer Manager") served as the dealer manager of the IPO.  The Advisor and the Property Manager are wholly owned entities of, and the Dealer Manager is under common ownership with, American Realty Capital III, LLC (the "Sponsor"), as a result of which, they are related parties and receive compensation, fees and expense reimbursements for services related to the IPO and for the investment and management of the Company's assets. These entities receive fees during the offering, acquisition, operational and liquidation stages.