Intel stock extends gains after report of possible U.S. government stake
In a recent series of transactions, Nicholas S. Schorsch, a significant shareholder in American Strategic Investment Co. (NYSE:NYC), executed multiple purchases of the company's Class A common stock. The transactions, carried out between February 10 and February 13, 2025, resulted in a total acquisition of 5,952 shares at prices ranging from $11.00 to $11.23 per share, amounting to a total value of approximately $66,424. These purchases occurred as the stock trades near its 52-week high of $11.30, following impressive gains of 33% year-to-date and 60% over the past year. According to InvestingPro analysis, the stock appears undervalued despite its recent performance.
The purchases were made through Bellevue Capital Partners (WA:CPAP), LLC, with Mr. Schorsch as the sole managing member, granting him voting and investment discretion over the securities. Following these transactions, the total shares owned by Mr. Schorsch, directly and indirectly, increased to 966,607 shares. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro subscribers can access detailed reports covering 1,400+ US stocks, including NYC.
These acquisitions highlight ongoing confidence in American Strategic Investment Co., a real estate investment trust, which has undergone several name changes in the past, previously known as New York City REIT , Inc. and American Realty Capital New York City REIT, Inc. The company maintains adequate liquidity with a current ratio of 1.5, though it operates with significant debt levels, as revealed by InvestingPro data.
In other recent news, American Strategic Investment Co., a real estate investment trust, has finalized the sale of its 9 Times Square property located in Midtown Manhattan. The transaction, part of the company's strategic plan to optimize its portfolio, was completed for a gross purchase price of $63.5 million. The buyer, 9 Times Square Acquisitions, LLC, a Delaware limited liability company, has no other significant ties with the seller outside of this transaction. The property, a prime piece of real estate in one of New York City's most bustling areas, was sold at a significant market price. The pro forma financial information, adjusting the company's financial statements to account for the sale, has been filed as Exhibit 99.1 to this Current Report on Form 8-K. This sale represents a notable transaction for the company as it continues to navigate the commercial real estate market. The details of this transaction and its financial implications are based on the information provided in the company's recent SEC filing.
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