American Strategic Investment Co. Announces Disposition of the Hit Factory
August 17 2023 - 5:00AM
Business Wire
American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the
“Company”) announced today that it has signed a definitive purchase
and sale agreement to sell a property it owns at 421 W. 54th Street
(the “Hit Factory”) for $4.5 million. The sale is expected to close
in the fourth quarter, 2023. Net proceeds from the sale of the
property, which is unencumbered, will be available for general
corporate purposes.
“We are pleased to reach an agreement to sell the vacant Hit
Factory, a small, specialty asset in our portfolio that will
provide approximately $4.5 million of cash for general corporate
purposes,” said Michael Weil, CEO of ASIC. “We are glad to have
identified a strategic buyer for this property, showing again the
resilience of the New York City market as a new set of users begins
to take root within the city. We look forward to closing the sale
of this unencumbered property later this year.”
About the Company
American Strategic Investment Co. owns a portfolio of commercial
real estate. Additional information about NYC 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.
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