Nicholas Schorsch, a significant shareholder, has recently acquired additional shares of American Strategic Investment Co. (NYSE:NYC), which InvestingPro analysis indicates is currently trading below its Fair Value. According to a recent SEC filing, Schorsch purchased a total of 2,250 shares of Class A common stock over three consecutive days. The transactions occurred on December 11, 12, and 13, 2024, with purchase prices ranging from $8.34 to $8.77 per share. The total value of these transactions amounts to $19,245. The stock, trading at just 0.25 times book value, has gained 8.5% year-to-date despite carrying a significant debt burden.
Following these acquisitions, Schorsch holds a total of 914,173 shares indirectly through Bellevue Capital Partners (WA:CPAP), LLC. The purchases were made through multiple transactions, and Schorsch retains indirect ownership through his control over Bellevue Capital Partners, LLC. Get deeper insights into NYC's valuation metrics and 10+ additional ProTips with an InvestingPro subscription, including exclusive access to comprehensive Pro Research Reports covering 1,400+ US stocks.
In other recent news, American Strategic Investment Company announced its third-quarter earnings for 2024, marking an increase in cash net operating income and occupancy rates, while also revealing plans for asset sales. The company reported a GAAP net loss due to noncash impairments, but remains committed to long-term value creation. A definitive agreement was made to sell its property at 9 Times Square (NYSE:SQ) for $63.5 million, expected to close in the fourth quarter of 2024. The proceeds will be aimed at investing in higher-yielding assets.
The company's third-quarter revenue was $15.4 million, down from $16 million in the same quarter of 2023. There was a 70 basis point expansion in occupancy to 85.8% compared to the same quarter in 2023. The company is also marketing properties at 123 William Street and 196 Orchard for sale.
These recent developments indicate that American Strategic Investment Company is actively diversifying its portfolio and reducing leverage through strategic property sales. The management has expressed confidence in the company's proactive asset management strategy and its potential to create additional value for shareholders.
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