American Strategic Investment Co. Announces Key Sale Move
American Strategic Investment Co. Sets Closing Date for Key Sale
American Strategic Investment Co. (NYSE: NYC) recently announced significant news regarding its property at 9 Times Square in Midtown. The company has set a projected closing date for the sale at December 19, 2024, facilitating a transaction valued at $63.5 million. As part of this deal, the buyer has already made a substantial non-refundable deposit of $7 million, showcasing a strong commitment to the acquisition.
Enhancements to Financial Strategy
In preparation for this sale, American Strategic Investment Co. has successfully amended the existing mortgage loan on the 9 Times Square property. This amendment extends the maturity of the loan to January 2025, thereby aiming to ensure a smooth transaction process. With these steps, the company reinforces its strategy to bolster capital flow through this significant real estate deal.
CEO's Vision for Future Growth
Michael Anderson, CEO of American Strategic Investment Co., expressed enthusiasm about finalizing this transaction. He commented on how the approximate $13.5 million expected in net proceeds from the sale will be crucial for strengthening the company's balance sheet. Anderson highlighted the intention to utilize these funds for advancing an expanded asset acquisition and diversification strategy, reflecting the company’s growth ambitions.
About American Strategic Investment Co.
American Strategic Investment Co. is deeply invested in a diverse portfolio of commercial real estate, providing a solid foundation for its growth objectives. The company continuously seeks opportunities to enhance its offerings and respond to market demands. More information about American Strategic Investment Co. is available on its website.
Frequently Asked Questions
What is the closing date for the sale of 9 Times Square?
The closing date is set for December 19, 2024.
What is the contract sales price for 9 Times Square?
The property is being sold for a contract sales price of $63.5 million.
How much is the non-refundable deposit paid by the buyer?
The buyer has paid a non-refundable deposit of $7 million.
What are the future plans for the proceeds from the sale?
The company expects to use the proceeds to strengthen its balance sheet and support an expanded asset acquisition strategy.
What does American Strategic Investment Co. primarily focus on?
The company focuses on acquiring and managing a diverse portfolio of commercial real estate.
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