Nicholas Schorsch increases stake in American Strategic Investment Co. purchase of 24,485 USD By Investing.com
Nicholas Schorsch, a significant investor in American Strategic Investment Co. (NYSE:NYC), grew its holdings in the company through a series of purchases totaling $24,485. The transactions, which occurred on December 26, 27 and 30, involved the acquisition of Class A common stock at prices ranging from $8.83 to $9.02 per share. According to InvestingPro analysis, the stock currently trades at just 0.26 times book value, indicating potential undervaluation despite facing profitability challenges.
Schorsch, who owns 10 percent of the company, made those purchases through entities affiliated with him, including Bellevue Capital Partners (WA:), LLC and AR Global Investments, LLC. Following these transactions, Schorsch’s indirect ownership in American Strategic Investment Co. it now stands at 922,732 shares. While the company maintains adequate liquidity with a current ratio of 1.5, InvestingPro data reveals significant debt challenges that investors should monitor.
The purchases reflect Schorsch’s continued interest and investment in the real estate investment trust, which operates under the ticker NYC. Transactions are reported on Form 4 filed with the Securities and Exchange Commission. However, the stock showed positive momentum with a 12.92% year-to-date return InvestingPro subscribers can access 8 additional key insights on NYC’s financial health and metrics to make more informed investment decisions.
In other recent news, American Strategic Investment Co . reported third-quarter 2024 earnings, reporting increases in cash net operating income (NOI) and occupancy rates. Despite a GAAP net loss of $34.5 million, primarily due to non-cash impairments, and revenue falling to $15.4 million from $16 million in the same quarter of 2023, the company remains focused on long-term value creation. A notable development was the sale of the property at 9 Times Square for a gross purchase price of $63.5 million. This sale is part of a wider strategy to reduce leverage and diversify the portfolio, with properties at 123 William Street and 196 Orchard also currently being sold. These recent developments reflect American Strategic Investment’s focus on strategic portfolio management and asset sales. The company plans to invest the proceeds of this sale in higher yielding assets outside of New York. InvestingPro analysts noted the company’s significant debt burden, which makes these transactions particularly noteworthy.
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