NEW YORK–(BUSINESS WIRE)–American Strategic Investment Co. (NYSE: NYC) announced today that it completed the sale of the property it owns at 421 W. 54th Street for $4.5 million.
“We are pleased to complete the sale of the Hit Factory, a vacant property that will provide approximately $4.2 million of cash proceeds for the Company and positively impacts the Company’s property level operating expenses through the elimination of meaningful expenses associated with this property,” said Michael Anderson, CEO of ASIC. “This sale demonstrates the resilience of the New York City market and the value that a new set of strategic buyers see in well-located properties with important histories and is an important event for the Company in evaluating the strategic composition of our portfolio.”
About the Company
American Strategic Investment Co. owns a portfolio of commercial real estate. Additional information about ASIC can be found on its website at AmericanStrategicInvestment.com.