In recent transactions, American Strategic Investment Co. insiders revealed… (NYSE:NYC), a company currently valued at $24 million and trading at just 0.26 times book value according to InvestingProengaged in a series of stock purchases, accumulating shares worth approximately $37,991. These transactions, recorded on SEC Form 4, took place over the course of several days, with shares purchased at prices ranging from $8.65 to $9.01.
Primary reporting owner, Nicholas S. Schorsch, along with affiliated entities such as Bellevue Capital Partners (WA:), LLC, AR Global Investments, LLC, and others, about these acquisitions. Purchases included 2,112 shares on December 31, 2024, at an average price of $8.69, followed by 1,112 shares on January 2, 2025, at $8.65, and another 1,112 shares on January 3, 2025, at $9.01.
After these transactions, the total number of shares owned by the reporting parties increased to 927,068 shares. The acquisitions reflect continued investment interest in the company from insiders, which may indicate confidence in the company's future prospects, despite current challenges. Subscribers to InvestingPro Detailed analysis is accessible including 8 additional ProTips and a comprehensive fair value assessment which indicates the stock may be undervalued at current levels.
In other recent news, the US strategic investment firm has been active in the commercial real estate market. 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.
In addition, American Strategic Investment Co. reported its third-quarter earnings of 2024. The company saw growth in net cash operating income (NOI) and a 70 basis point increase in occupancy rates to 85.8%. However, it also reported a GAAP net loss of $34.5 million, mainly due to non-cash impairments, and revenue fell to $15.4 million from $16 million in the same quarter of 2023.
The company also announced plans to sell its properties at 123 William Street and 196 Orchard. These recent developments and strategic asset sales are part of American Strategic Investment's focus on long-term value creation through portfolio management and asset divestitures. The company aims to invest the proceeds from these sales in higher-yielding assets outside New York City.
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