In recent transactions, insiders of American Strategic Investment Co. (NYSE:NYC), a company currently valued at $24 million and trading at just 0.26 times book value according to InvestingProengaged in a series of stock purchases, accumulating approximately $37,991 worth of stock. These transactions, recorded in an SEC Form 4, took place over several days, and the shares were acquired at prices ranging from $8.65 to $9.01.
The primary reporting owner, Nicholas S. Schorsch, along with related entities such as Bellevue Capital Partners (WA:), LLC, AR Global Investments, LLC and others, reported these acquisitions. Purchases included 2,112 shares on December 31, 2024 at an average price of $8.69, then 1,112 shares on January 2, 2025 at $8.65 and another 1,112 shares on January 3, 2025 at $9.01.
After these transactions, the total number of shares owned by the taxpayer increased to 927,068 shares. The acquisitions reflect continued interest in investing in the company by its insiders, potentially indicating confidence in the company’s future prospects, despite current challenges. Subscribers to InvestingPro can access detailed analysis including 8 additional expert tips and a comprehensive fair value assessment that suggests the stock may be undervalued at current levels.
In other recent news, American Strategic Investment Co . is active in the commercial real estate market. The company recently completed the sale of its property at 9 Times Square in midtown Manhattan for a gross purchase price of $63.5 million. This sale is part of the company’s strategic plan to optimize its portfolio and reduce its significant debt burden.
In addition, American Strategic Investment Co. announced its third quarter earnings for 2024. The company saw growth in cash net operating income (NOI) and an increase in occupancy rate of 70 basis points to 85.8%. However, it also reported a GAAP net loss of $34.5 million, primarily due to non-cash impairments, and a drop in revenue to $15.4 million from $16 million in the same quarter of 2023.
The company also announced plans to sell its properties at 123 William Street and 196 Orchard. These recent developments and strategic asset sales are part of American Strategic Investment’s focus on long-term value creation through portfolio management and asset sales. The company intends to invest the proceeds of this sale in higher yielding assets outside of New York.
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