Agreement Struck to Sell Times Square Tower at 63% loss

A letter of intent has been signed by an unidentified party to purchase 9 Times Square for $63.5 million. If the possible sale by American Strategic Investment Co., formerly known as New York City REIT, moves forward per the agreed term sheet, it would represent a nearly 63% discount of the $170,296,170 paid by American Strategic in November 2014. Currently encumbered by a $55 million mortgage originated by Capital One in April 2019, the sale intended to strengthen the firm’s balance should produce $13.5 million in net proceeds. According to city records, the 21-story, approximately 160,000-square-foot tower was divided into three condominium units in April 2016, creating a 111,132-square-foot office component, a 16,486-square-foot retail component, and a 1,755-square-foot component for the exterior digital billboard signage.