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American Strategic Investment Co. (NYSE: NYC), a Maryland-based real estate investment trust with a market capitalization of $26.53 million, has announced a change in leadership in a recent SEC filing. According to InvestingPro data, the company currently shows a weak financial health score, operating with significant debt and profitability challenges. Michael Anderson, the company’s Chief Executive Officer, has resigned from his role for personal reasons, effective immediately after the company’s forthcoming financial disclosures and conference call regarding its 2024 results.
The Board of Directors appointed Nicholas S. Schorsch, Jr., 39, as the new CEO, effective upon Anderson’s resignation. Schorsch Jr. takes the helm at a challenging time, with InvestingPro analysis showing the company’s total debt at $452.02 million and trading at just 0.31 times book value. He brings over a decade of experience in real estate, financial services, capital markets, and mergers and acquisitions. He has served as Chief Operating Officer of AR Global Investments, LLC since 2015 and has been involved in significant acquisitions and corporate transactions throughout his career.
Schorsch Jr.’s appointment is notable as he is the son of Nicholas S. Schorsch, who controls Bellevue Capital, the entity that owns and controls AR Global. AR Global is connected to the company as it controls the company’s advisor and property manager. Bellevue Capital also holds a significant stake in American Strategic Investment Co., with 57.7% of the common stock as of February 13, 2025.
The company disclosed that it paid $12.4 million in aggregate for services provided by the advisor and property manager in 2024. Additionally, Bellevue Capital acquired 125,000 shares of the company’s common stock for approximately $1.4 million during a tender offer in the same year, and the company borrowed $0.7 million from the advisor for working capital needs.
The SEC filing indicated that Anderson’s departure was not due to any disagreement with the company or its Board. Moreover, there are no other familial relationships between Schorsch Jr. and any other directors or executive officers of the company, nor are there any arrangements or understandings between Schorsch Jr. and any other persons pursuant to his appointment as CEO.
This transition in leadership comes as the company prepares to share its financial results for the fourth quarter and the full year of 2024. The stock, currently trading at $9.96, has shown strong momentum with a 49.56% return over the past year, despite ongoing financial challenges. Investors and stakeholders are now looking forward to how Schorsch Jr.’s leadership will steer American Strategic Investment Co. going forward. For deeper insights into NYC’s financial health and valuation metrics, access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, American Strategic Investment Co. has completed the sale of its 9 Times Square property in Midtown Manhattan for $63.5 million. This transaction is part of the company’s strategic plan to optimize its portfolio. The buyer, 9 Times Square Acquisitions, LLC, has no other material relationships with American Strategic Investment Co. outside of this deal. The sale reflects the significant market value of such a centrally located asset in New York City. The company has filed unaudited pro forma consolidated financial statements to account for the sale, providing investors with updated financial data. This transaction marks a notable development for American Strategic Investment Co. as it continues to navigate the commercial real estate market. The details and financial implications of this sale have been incorporated into the company’s recent SEC filing.
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