In recent transactions, insiders of American Strategic Investment Co. (NYSE:NYC), a company currently valued at $24 million and trading at just 0.26 times book value according to InvestingPro, have engaged in a series of stock purchases, accumulating shares valued at approximately $37,991. These transactions, recorded in the SEC Form 4 filing, took place over several days, with shares acquired at prices ranging from $8.65 to $9.01.
The primary reporting owner, Nicholas S. Schorsch, along with affiliated entities such as Bellevue Capital Partners (WA:CPAP), LLC, AR Global Investments, LLC, and others, reported these acquisitions. The purchases included 2,112 shares on December 31, 2024, at an average price of $8.69, followed by 1,112 shares on January 2, 2025, at $8.65, and another 1,112 shares on January 3, 2025, at $9.01.
Following these transactions, the total number of shares owned by the reporting parties increased to 927,068 shares. The acquisitions reflect continued investment interest in the company from its insiders, potentially indicating confidence in the company's future prospects, despite current challenges. Subscribers to InvestingPro can access detailed analysis including 8 additional ProTips and a comprehensive Fair Value assessment that suggests the stock may be undervalued at current levels.
In other recent news, American Strategic Investment Co. has been active in the commercial real estate market. The company recently completed the sale of its 9 Times Square property in Midtown Manhattan for a gross purchase price of $63.5 million. This sale is part of the company's strategic plan to optimize its portfolio and reduce its significant debt burden.
In addition to this, American Strategic Investment Co. has reported its third-quarter earnings for 2024. The company saw a growth in cash net operating income (NOI) and a 70 basis point increase in occupancy rates to 85.8%. However, it also reported a GAAP net loss of $34.5 million, primarily due to noncash impairments, and a decline in revenue to $15.4 million from $16 million in the same quarter of 2023.
The company has also announced plans to sell its properties at 123 William Street and 196 Orchard. These recent developments and strategic asset sales are part of American Strategic Investment's focus on long-term value creation through portfolio management and asset divestiture. The company aims to invest the proceeds from these sales in higher-yielding assets outside of New York City.
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