American Strategic Investment Co. Sells 9 Times Square Midtown Manhattan Property for $63.5 Million

American Strategic Investment Co. (NYSE:NYC) recently disclosed in its 8-K filing to the U.S. Securities and Exchange Commission that on December 18, 2024, its subsidiary, ARCNYC570SEVENTH, LLC, completed the sale of the 9 Times Square Midtown Manhattan property. The transaction, conducted with 9 Times Square Acquisitions, LLC, was valued at a gross purchase price of $63.5 million.

This sale marks a significant event for the company, as it divested the property pursuant to an agreement dating back to August 1, 2024, with subsequent amendments. Notably, there were no substantial relationships beyond the property sale between ARCNYC570SEVENTH, LLC, and American Strategic Investment Co., and their associates, and the buyer and its affiliates.

The pro forma financial information of the company, adjusted to reflect the sale of the property, was provided in the 8-K filing. The unaudited pro forma consolidated financial statements, included as Exhibit 99.1, illustrate the impact of the sale on the company’s financials. The adjusted financial information presents the removal of the 9 Times Square Property’s assets and liabilities, along with the associated results of operations.

Furthermore, additional details regarding the adjustments made to the historical consolidated balance sheet and statements of operations were disclosed in the filing. This comprehensive information aids in understanding the financial implications of the property sale on the company’s overall financial standing.

For further details and a comprehensive overview of the financial impact of the recent property sale on American Strategic Investment Co., interested parties can refer to the full 8-K filing available on the SEC’s website.

The company’s Chief Executive Officer, Michael Anderson, signed the report on December 26, 2024, in accordance with the Securities Exchange Act of 1934. Please note that this article is based solely on the information provided in the company’s 8-K filing and subsequent exhibit.

This news release serves as a summary of the essential details disclosed, offering insights into American Strategic Investment Co.’s recent property transaction. The pro forma financial information presented in the filing showcases the company’s commitment to transparency and timely disclosure to its stakeholders.

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.