Nicholas S. Schorsch, a major shareholder and sole managing director of Bellevue Capital Partners (WA:), LLC, is actively working to increase its stake in the company. The purchases were made indirectly through Bellevue Capital Partners and related entities, as detailed in the footnotes to the filing. Following these acquisitions, Schorsch and his affiliates now indirectly own 939,187 shares, while Schorsch personally owns 26,559 shares directly. These transactions highlight the continued interest and investment in American Strategic Investment Co., formerly known as New York City REIT, Inc. Operating as a real estate investment trust, it continues to attract the attention of key stakeholders. InvestingPro The analysis indicates that the stock is currently undervalued, with 8 additional key insights available to subscribers through our comprehensive professional research report. InvestingPro The analysis indicates that the stock is currently undervalued, with 8 additional key insights available to subscribers through our comprehensive professional research report.
Nicholas S. Schorsch, a major shareholder and sole managing member of Bellevue Capital Partners, LLC, has actively increased his stake in the company. The purchases were made indirectly through Bellevue Capital Partners and related entities, as detailed in the footnotes to the filing. Following these acquisitions, Schorsch and his affiliates now indirectly own 939,187 shares, while Schorsch personally owns 26,559 shares directly.
These transactions highlight the continued interest and investment in American Strategic Investment Co., formerly known as New York City REIT, Inc. The Company, which operates as a real estate investment trust, continues to attract the attention of key stakeholders.
In other recent news, American Strategic Investment Co. It made some important moves in managing its investment portfolio. The company recently completed the sale of its 9 Times Square property in midtown Manhattan for a total purchase price of $63.5 million. This sale is part of the company's strategic plan to improve its portfolio and reduce its significant debt load.
On the earnings front, American Strategic Investment announced third-quarter earnings that revealed growth in net cash 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 non-cash impairments, and revenue fell to $15.4 million from $16 million in the same quarter a year earlier.
In line with its strategic management of its investment portfolio, the company plans to sell the 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 latest developments reflect American Strategic Investment's focus on long-term value creation through strategic portfolio management and asset divestitures.
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