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American Strategic Investment Co. Completes Disposition of the Hit Factory
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
American Strategic Investment Co. completes sale of property, generating $4.2 million in cash proceeds.
Positive
Sale of property generates $4.2 million in cash proceeds for the Company.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”) announced today that it completed the sale of the property it owns at 421 W. 54th Street (the “Hit Factory”) for $4.5 million.
“We are pleased to complete the sale of the Hit Factory, a vacant property that will provide approximately $4.2 million of cash proceeds for the Company and positively impacts the Company’s property level operating expenses through the elimination of meaningful expenses associated with this property,” said Michael Anderson, CEO of ASIC. “This sale demonstrates the resilience of the New York City market and the value that a new set of strategic buyers see in well-located properties with important histories and is an important event for the Company in evaluating the strategic composition of our portfolio.”
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.
Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company’s election to terminate its status as a real estate investment trust, (b) whether the Company will be able to successfully acquire new assets or businesses, (c) the potential adverse effects of (i) the global COVID-19 pandemic, including actions taken to contain or treat COVID-19, (ii) the geopolitical instability due to the ongoing military conflict between Russia and Ukraine, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, and (iii) inflationary conditions and higher interest rate environment, and (d) that any potential future acquisition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed on March 16, 2023 and all other filings with the Securities and Exchange Commission after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
