American Strategic Investment Co. to Sell 9 Times Square for $63.5 Million

Author

Slice of Real Estate Team
July 03, 2024

Key Highlights:

  • Sale agreement for 9 Times Square at $63.5 million.

  • Expected closing within 120 days of definitive agreement.

  • Net proceeds of $13.5 million anticipated from the sale.

  • Proceeds to fund asset acquisition and diversification strategy.

  • Loan amendment secured, maturity date extended to facilitate sale.

Source (Business Wire)

Notable Quote:

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"We expect this sale to generate approximately $13.5 million in net proceeds at closing, which we intend to use to pursue the expanded asset acquisition and diversification strategy into higher yielding assets that was announced last year. Additionally, if completed, we expect that this strategic disposition will strengthen our balance sheet."

Michael Anderson, Chief Executive Officer at ASIC

Our Take:

The sale of 9 Times Square by American Strategic Investment Co. represents a significant move towards streamlining their portfolio and focusing on higher yielding assets. The anticipated net proceeds of $13.5 million will not only bolster their financial position but also support their strategic expansion into more profitable ventures. With the loan amendment in place to extend the maturity date, ASIC has positioned itself well to facilitate this transaction smoothly. However, the market should remain watchful as the finalization of the agreement is still subject to conditions, emphasizing the importance of strategic flexibility in real estate investments.