Intel stock spikes after report of possible US government stake
Nicholas S. Schorsch, a significant stakeholder in American Strategic Investment Co. (NYSE:NYC), has increased his holdings through a series of recent transactions. According to a Form 4 filing with the Securities and Exchange Commission, Schorsch acquired a total of 4,055 shares of Class A common stock over three transactions conducted on January 10, 13, and 14, 2025. The purchases were made at prices ranging from $8.66 to $9.04 per share, amounting to a total expenditure of $36,069. The company, currently trading at $8.99 with a market capitalization of $24 million, appears undervalued according to InvestingPro analysis.
The transactions were carried out indirectly through Bellevue Capital Partners (WA:CPAP), LLC, where Schorsch is the sole managing member with voting and investment discretion. This filing highlights Schorsch's continued investment in the company, which operates as a real estate investment trust. InvestingPro data shows the company trades at a low Price/Book ratio of 0.26, though it maintains a weak financial health score. Subscribers can access 8 additional ProTips and comprehensive analysis through the Pro Research Report.
Following these transactions, Schorsch's total beneficial ownership in American Strategic Investment Co. increased to 935,086 shares, reflecting his position as a ten percent owner.
In other recent news, American Strategic Investment Co. has made noteworthy strides in its strategic financial plan. The company reported third-quarter earnings for 2024, revealing an increase in cash net operating income (NOI) and a 70 basis point rise in occupancy rates to 85.8%. However, a GAAP net loss of $34.5 million was also reported, primarily due to noncash impairments, and a slight decrease in revenue to $15.4 million from $16 million in the same quarter of the previous year.
The company has finalized the sale of its 9 Times Square property in Midtown Manhattan for a gross purchase price of $63.5 million, a significant step in their strategy to optimize their portfolio. This transaction was particularly significant, given the company's substantial debt burden. The buyer, 9 Times Square Acquisitions, LLC, has no other material relationships with the seller.
These recent developments highlight American Strategic Investment's focus on long-term value creation through strategic portfolio management, including asset divestiture. The company is also marketing properties at 123 William Street and 196 Orchard for sale, with the aim of investing the proceeds from these sales in higher-yielding assets outside of New York City. This reflects the company's confidence in its proactive asset management strategy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.