American Strategic Investment Co. Announces Closing Date for Sale of 9 Times Square Property

American Strategic Investment Co. (NYSE: NYC) revealed through a press release on December 10, 2024, that it has set December 19, 2024, as the anticipated closing date for the sale of its 9 Times Square Midtown Manhattan property. The property is slated to be sold for a contract price of $63.5 million, with the buyer having already put down a non-refundable deposit of $7 million towards the sales price.

In preparation for the sale, the Company had previously negotiated an extension of the maturity date for the mortgage loan on the 9 Times Square property, allowing the transaction to move forward smoothly, subject to certain stipulations.

Chief Executive Officer of American Strategic Investment Co., Michael Anderson, stated that the Company is eager to finalize the transaction. The expected net proceeds from this sale, totaling approximately $13.5 million, are anticipated to fortify the Company’s financial position and bolster its efforts towards expanding its asset holdings and diversification strategy.

American Strategic Investment Co. is a holder of a diverse commercial real estate portfolio. Additional details about the Company can be found on its official website at AmericanStrategicInvestment.com.

The press release also contained forward-looking statements, cautioning about potential risks and uncertainties that could lead to variations between projected outcomes and actual results. Factors such as geopolitical instability, inflationary conditions, interest rate fluctuations, market conditions, and regulatory compliance were highlighted as potential challenges that could impact the Company’s operations and financial performance.

Investors seeking further information are encouraged to reach out to the Company’s Investor Relations team via email at [email protected] or by phone at (866) 902-0063.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read American Strategic Investment’s 8K filing here.

About American Strategic Investment

American Strategic Investment Co (NYSE: NYC) owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City.