Intel stock spikes after report of possible US government stake
Nicholas S. Schorsch, a significant shareholder in American Strategic Investment Co. (NYSE:NYC), has increased his holdings in the company. The stock, which InvestingPro analysis indicates is currently trading near its 52-week high of $10.91, has shown strong momentum with a ~20% gain year-to-date. According to a recent filing, Schorsch acquired a total of 4,405 shares of Class A common stock over three separate transactions. The purchases, made on January 31, February 3, and February 4, were executed at prices ranging from $10.25 to $10.50 per share, with a total value of approximately $45,782.
These transactions have brought Schorsch’s total ownership to 956,248 shares. The purchases were made through Bellevue Capital Partners (WA:CPAP), LLC, where Schorsch serves as the sole managing member, granting him voting and investment discretion over the securities held.
In other recent news, American Strategic Investment Co. has finalized the sale of its 9 Times Square property for a gross purchase price of $63.5 million. This move is part of the company’s strategic plan to optimize its portfolio and invest in higher-yielding assets. The buyer, 9 Times Square Acquisitions, LLC, has no other material relationships with American Strategic Investment Co. outside of this transaction.
In the company’s third-quarter earnings for 2024, an increase in cash net operating income (NOI) and occupancy rates was noted. Despite a GAAP net loss due to noncash impairments, the management remains focused on long-term value creation. Third-quarter revenue was reported at $15.4 million, down from $16 million in the same quarter of 2023. The company is also actively marketing properties at 123 William Street and 196 Orchard for sale.
These recent developments indicate American Strategic Investment Co.’s proactive strategy in managing its portfolio amidst a challenging financial period. Analysts note that the company is exploring opportunities in core iconic real estate outside New York City, particularly in the New England area.
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