American Strategic Investment Sells Times Square Building at $107M loss

American Strategic Investment Co., through its subsidiary ARCNYC570SeventhLLC (ARC) has sold 9 Times Square, which also goes by the address 200 West 41st Street, for $63.5 million. The sale fetched a price approximately 63% lower than the roughly $170.296 million the REIT paid in 2014 according to city records. The approximately 172,000-square-foot building had been divided into condo units in 2016, separating the approximately 111,132 square feet of office space, 16,486 square feet of retail space and a 1,755-square-foot digital sign according to details within the condo declaration posted on city records. Reports also indicate that the sale involved the repayment of a $49.5 million mortgage by the seller. Capital One, which had provided a $55 million mortgage to ARC in 2019, issued an amended and restated mortgage to the buyers, The Jackson Group, reducing the loan amount to $35 million.

Source:    https://commercialobserver.com/2024/12/9-times-square-sells-chehebar-american-strategic/

Source:    https://www.nasdaq.com/articles/new-york-city-reit-sells-9-times-square-property