American Strategic Investment Co. has announced a term sheet agreement to sell its property located at 9 Times Square in Midtown for $63.5 million. The closing is expected within 120 days after the execution of a definitive purchase and sale agreement.
The company recently amended the loan on the property, extending its maturity date to October 2024 with an option for further extension until year-end 2024, in order to facilitate the sale process. However, there is no guarantee that the final agreement will be reached as outlined in the term sheet.
According to Michael Anderson, Chief Executive Officer of ASIC, this sale is expected to generate approximately $13.5 million in net proceeds upon closing which will be used towards pursuing their previously announced strategy of acquiring higher yielding assets and diversifying their portfolio. This strategic disposition also aims at strengthening their balance sheet.
The news was first reported by Connect CRE and it marks another milestone for American Strategic Investment Co., showcasing their expertise and success in real estate investment ventures.
