US real estate investor American Strategic Investment is selling its 9 Times Square Midtown Manhattan property for $63.5m (€59.4m).
According to American Strategic Investment’s website, the 166,650sqft asset located at 200 West 41st Street in New York was acquired for $162.3m in November 2014.
The NYSE-listed owner of a portfolio of commercial real estate said it expects that the closing of the transaction will “occur within 120 days of the execution of a definitive purchase and sale agreement between the parties”.
It however said there can be no assurance that the company will enter into a definitive agreement for the sale of the asset on the terms or at all.
American Strategic previously announced that it had secured an amendment of the loan on 9 Times Square, which extended the maturity date of the loan to October 2024, with the option of an additional extension of the loan to year-end 2024 subject to certain conditions, to facilitate the proposed sale of the property.
Michael Anderson, CEO of American Strategic Investment, said the company expects the sale to generate around $13.5m in net proceeds at closing, “which we intend to use to pursue the expanded asset acquisition and diversification strategy into higher yielding assets that was announced last year”.
“Additionally, if completed, we expect that this strategic disposition will strengthen our balance sheet,” Anderson added.
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