American Strategic Investment Co. has reached a term sheet agreement to sell its property 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 extended the maturity of its loan on the property to October 2024, with a potential extension until year-end 2024, in order to facilitate the sale. However, there is no guarantee that the final agreement for this transaction will be completed as outlined in the term sheet.
According to Michael Anderson, Chief Executive Officer of ASIC, this sale is anticipated to generate approximately $13.5 million in net proceeds upon closing which will be used towards pursuing their expanded asset acquisition and diversification strategy into higher yielding assets that was announced last year. Additionally, if finalized successfully,this strategic disposition will further strengthen our balance sheet.
