Nicholas S. Schorsch, a significant shareholder and the sole managing member of Bellevue Capital Partners (WA:CPAP), 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 footnotes of the filing. Following these acquisitions, Schorsch and his affiliates now hold 939,187 shares indirectly, while Schorsch personally owns 26,559 shares directly.These transactions highlight ongoing interest and investment in American Strategic Investment Co., previously known as New York City REIT, Inc. The company, which operates as a real estate investment trust, continues to attract attention from 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 the sole managing 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 footnotes of the filing. Following these acquisitions, Schorsch and his affiliates now hold 939,187 shares indirectly, while Schorsch personally owns 26,559 shares directly.
These transactions highlight ongoing interest and investment in American Strategic Investment Co., previously 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. has made some significant moves in its portfolio management. The company recently finalized the sale of its 9 Times Square (NYSE:SQ) property 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.
On the earnings front, American Strategic Investment Co. reported third-quarter earnings revealing a growth in cash net operating income (NOI) and a 70 basis point increase in occupancy rates to 85.8%. However, the company also reported a GAAP net loss of $34.5 million, primarily due to noncash impairments, and a decline in revenue to $15.4 million from $16 million in the same quarter of the previous year.
In line with its strategic portfolio management, the company is planning to sell properties at 123 William Street and 196 Orchard. The proceeds from these sales will be invested in higher-yielding assets outside of New York City. These recent developments reflect American Strategic Investment's focus on long-term value creation through strategic portfolio management and asset divestiture.
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