Nicholas S. Schorsch, significant shareholder and sole member of Bellevue’s board Capital Partners (WA:), LLC, is actively increasing its stake in the company. The purchases were made indirectly through Bellevue Capital Partners and related entities, as detailed in the filing’s footnotes. After these acquisitions, Schorsch and its affiliates now indirectly hold 939,187 shares, while Schorsch personally directly owns 26,559 shares. These transactions underscore the continued interest and investment in American Strategic Investment Co., formerly known as New York City REIT, Inc. The company, which operates as a real estate investment trust, continues to attract the attention of major stakeholders. InvestingPro analysis suggests the stock is currently undervalued, with 8 additional key insights available to subscribers through their comprehensive Pro Research Report. InvestingPro analysis suggests the stock is currently undervalued, with 8 additional key insights available to subscribers through their comprehensive Pro Research Report.
Nicholas S. Schorsch, a significant shareholder and sole board member of Bellevue Capital Partners, LLC, has been actively increasing his stake in the company. The purchases were made indirectly through Bellevue Capital Partners and related entities, as detailed in the filing’s footnotes. Following these acquisitions, Schorsch and its affiliates now indirectly hold 939,187 shares, while Schorsch personally owns 26,559 shares directly.
These transactions highlight the continued interest and investment in American Strategic Investment Co., formerly known as New York City REIT, Inc. The company, which operates as a real estate investment trust, continues to attract attention from major stakeholders.
In other recent news, American Strategic Investment Co . he has made some significant advances in managing his portfolio. 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 terms of earnings, American Strategic Investment Co. reported third quarter earnings revealing growth in cash net operating income (NOI) and an increase in occupancy rate of 70 basis points to 85.8%. However, the company also reported a GAAP net loss of $34.5 million, primarily due to non-cash impairments, and revenue fell to $15.4 million from $16 million in the year-ago quarter.
Consistent with its strategic portfolio management, the company plans to sell the properties at 123 William Street and 196 Orchard. The proceeds from these sales will be invested in higher yielding assets outside of New York. These recent developments reflect American Strategic Investment’s focus on long-term value creation through strategic portfolio management and asset sales.
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