American Strategic Investment Co. to market three Manhattan properties for sale to diversify portfolio

American Strategic Investment Co.

Marketing 9 Times Square, 123 William Street, and 196 Orchard Street for sale.
Loan on 9 Times Square amended: maturity extended to Oct 2024 (option to Jan 2025), interest spread increased to 2.60%.
Amendment prohibits distributions while loan outstanding and requires monthly excess cash flow deposits.
Company did not incur additional debt or receive any proceeds from the loan amendment.
Sale proceeds intended to reduce leverage and invest in higher-yielding assets beyond Manhattan.

item 1.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

American Strategic Investment Co. amended Amendment with Capital One, National Association (effective 2024-04-29).

Action: amendment
Agreement: credit facility
Counterparty: Capital One, National Association
Effective: 2024-04-29

Exact text from the filing

On April 29, 2024, ARC NYC 570SEVENTH, LLC, a wholly owned subsidiary (the “ Borrower ”) of New York City Operating Partnership, L.P. (the “ OP ”), the operating partnership of American Strategic Investment Co. (the “ Company ”), entered into a second amendment (the “ Amendment ”) to the term loan agreement, dated April 26, 2019 (as amended, the “ Loan Agreement ”), with the Company, as guarantor of certain enumerated recourse liabilities of the Borrower under the Loan Agreement, Capital One, National Association, as administrative agent (the “ Administrative Agent ”), and the other lenders party thereto (each a “ Lender ” and together, the “ Lenders ”).

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Source: SEC EDGAR

accession 0001104659-24-054358

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