American Strategic Investment Co. to Sell 9 Times Square for $63.5 Million

NEW YORK–(BUSINESS WIRE)–American Strategic Investment Co. (NYSE: NYC) announced today that it has agreed to a term sheet to sell its 9 Times Square Midtown Manhattan property for $63.5 million. It is expected that the closing of the transaction will occur within 120 days of the execution of a definitive purchase and sale agreement between the parties.

The Company previously announced that it had secured an amendment of the loan on 9 Times Square, which extended the maturity date of the loan to October 2024, with the option of an additional extension of the loan to year-end 2024 subject to certain conditions, to facilitate the proposed sale of the property.

Michael Anderson, Chief Executive Officer of ASIC stated, “We expect this sale to generate approximately $13.5 million in net proceeds at closing, which we intend to use to pursue the expanded asset acquisition and diversification strategy into higher yielding assets that was announced last year. Additionally, if completed, we expect that this strategic disposition will strengthen our balance sheet.”

There can be no assurance that the Company will enter into a definitive agreement for the sale of 9 Times Square on the terms set forth in the term sheet or at all.

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.