American Strategic Investment Co.
- Open
- 6.34
- Day high
- 6.64
- Day low
- 6.22
- Prev close
- 6.26
- Volume
- 46K
- Mkt cap
- $16M
- P/E (TTM)
- 1.3
- EPS (TTM)
- $4.90
- P/B
- 0.3
- P/S
- 0.5
- Yield
- —
- Per share
- —
- ▲Insiders net buying $198K over the last 3 months (7 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
American Strategic Investment Co. (NYC) is a Real Estate company listed on NYSE. The stock is down 41% over the past year. Over the trailing 3 months, insiders filed 7 open-market buys and 0 sales (SEC Form 4).
American Strategic Investment Co. (NYC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NYC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | — | $-3.04 | — | $7M | — |
| May 15, 2026 | — | $-3.04 | — | $7M | — |
| Nov 19, 2025 | $-1.76 | $-3.23 | -83.5% | $12M | -14.0% |
| Aug 8, 2025 | $-1.74 | $-16.39 | -842.0% | $12M | -12.2% |
| May 9, 2025 | $-2.01 | $-3.39 | -68.7% | $12M | -11.5% |
| Mar 19, 2025 | $-2.06 | $-2.60 | -26.2% | $15M | +1.0% |
| Aug 9, 2024 | $-2.99 | $-2.84 | +5.0% | $16M | -1.7% |
| May 10, 2024 | $-3.07 | $-3.28 | -6.8% | $15M | -1.7% |
| Nov 9, 2023 | $-0.44 | $-4.10 | -831.8% | $16M | -2.9% |
| Aug 11, 2023 | $-0.67 | $-4.77 | -611.9% | $16M | -1.7% |
| May 12, 2023 | $-0.37 | $-5.77 | -1459.5% | $16M | -5.2% |
| Mar 16, 2023 | $-0.72 | $-5.48 | -661.1% | $16M | -1.4% |
NYC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | SCHORSCH NICHOLAS S10 percent owner | Grant | 160,766 | $6.98 |
| Aug 27, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 5,000 | $6.81 |
| Jul 2, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 8,000 | $9.53 |
| Jun 29, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 1,000 | $8.39 |
| Jun 29, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 5,000 | $9.27 |
| Jun 29, 2026 | SCHORSCH NICHOLAS S10 percent owner | Grant | 251,703 | $8.37 |
| Jun 24, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 1,000 | $8.30 |
| Jun 24, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 1,500 | $7.85 |
| Jun 17, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 1,500 | $8.29 |
| May 4, 2026 | SCHORSCH NICHOLAS S10 percent owner | Grant | 232,098 | $8.23 |
| Feb 2, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 1,664 | $11.58 |
| Jan 29, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 1,664 | $11.15 |
| Jan 23, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 1,365 | $10.38 |
| Jan 16, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 1,224 | $10.24 |
| Jan 12, 2026 | SCHORSCH NICHOLAS S10 percent owner | Buy | 968 | $9.24 |
Source: NYC SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full NYC insider & 13F page →American Strategic Investment Co. company profile
Overview
New York City REIT, Inc. (NYSE:NYC) is a publicly traded real estate investment trust that went public in August 2020. The company was founded to capitalize on opportunities in New York City's commercial real estate market, focusing exclusively on high-quality office and retail properties within the five boroughs. Since its inception, NYC has assembled a concentrated portfolio of Manhattan-based commercial properties, though the company has faced significant challenges navigating the post-pandemic office market downturn. In recent years, the REIT has been actively repositioning its portfolio through strategic asset sales and exploring diversification beyond its traditional New York City focus.
Business
New York City REIT operates in the commercial real estate sector as a Real Estate Investment Trust (REIT), specifically focusing on office and retail properties. A REIT is a company that owns, operates, or finances income-generating real estate, allowing individual investors to invest in large-scale commercial real estate portfolios without directly purchasing properties. The company's core business involves acquiring, owning, and managing commercial real estate properties that generate rental income from tenants. NYC's portfolio consists of six office and retail properties located primarily in Manhattan, totaling approximately 1 million square feet with a current portfolio value of $488 million. The properties include traditional office buildings where businesses lease space for their operations, as well as retail spaces where companies operate stores or service locations. The REIT's tenant base is notably high-quality, with 77% of its top 10 tenants being investment grade or implied investment grade entities. Key tenants include major financial institutions like City National Bank, retail chains like CVS, government agencies, and medical institutions such as Weill Cornell Medical. The weighted average remaining lease term across the portfolio is 5.4 years, with 51% of leases extending beyond 2030, providing relatively stable long-term income streams. NYC operates as a single business segment focused entirely on New York City commercial real estate, generating 100% of its revenue from rental income and related charges from these properties.
Revenue model
New York City REIT generates revenue primarily through rental income from its commercial real estate properties. Tenants sign multi-year lease agreements and pay monthly or quarterly rent, along with additional charges for common area maintenance, property taxes, and utilities. The company's revenue model is based on net operating income (NOI), which is rental revenue minus property operating expenses. The REIT's paying customers are businesses and organizations that lease office and retail space, including financial services companies, medical institutions, government agencies, and retail operators. These tenants typically sign long-term leases ranging from several years to over a decade, providing predictable cash flows. The company's high percentage of investment-grade tenants (77% of top 10 tenants) indicates a relatively stable tenant base with strong creditworthiness. Several factors significantly impact NYC's profitability and margins. Occupancy rates are critical - the company's current 82% occupancy means 18% of its space generates no income while still incurring operating costs. Rental rate trends in Manhattan directly affect revenue, and the post-pandemic shift toward remote work has pressured office rents and occupancy across New York City. Interest rates impact the company's borrowing costs, as it carries significant debt to finance its properties. Property taxes and operating expenses in New York City are substantial and can erode margins if not passed through to tenants via lease structures. The company faces lease rollover risk when tenants' leases expire, potentially requiring costly tenant improvements and rent concessions to retain or attract new tenants. Market-wide trends such as companies downsizing office footprints or relocating to lower-cost markets pose ongoing challenges to maintaining occupancy and rental rates.
Competitive moat
New York City REIT's competitive moat is relatively weak, particularly given the structural challenges facing the office real estate sector. The company's primary potential advantage lies in owning irreplaceable Manhattan real estate in prime locations, which theoretically provides scarcity value. However, this advantage has been significantly undermined by the fundamental shift in office demand following the pandemic. The REIT lacks the scale and diversification that characterize stronger real estate companies. With only six properties totaling 1 million square feet, NYC has limited ability to weather tenant departures or market downturns compared to larger, more diversified REITs. The company also lacks operational expertise in property development or value-add strategies that could differentiate it from competitors. Competitive threats are substantial and multifaceted. The company faces direct competition from numerous office landlords in Manhattan, many of whom own newer, more modern properties with better amenities. More significantly, the structural shift toward remote and hybrid work models has reduced overall demand for office space, creating an oversupply situation that benefits tenants in lease negotiations. Potential disruption comes from continued evolution in work patterns, with many companies permanently reducing their office footprints. Additionally, newer office buildings with modern technology infrastructure, better air filtration systems, and more flexible layouts are increasingly preferred by tenants over older properties. The company's strategy to diversify beyond New York City real estate acknowledges the weakness of its current moat and the need to find more defensible business opportunities.
Risks & safety
New York City REIT exhibits a precarious margin of safety with significant financial stress indicators across multiple metrics. **Overall Assessment**: The company faces substantial solvency risk with negative cash flows, high leverage, and a distressed valuation reflecting fundamental business challenges. **Cash Flow and Debt Concerns**: - Negative free cash flow of $3.1 million in Q1 2025 and $5.3 million for full year 2024 - Net leverage ratio of 58% with $340+ million in net debt - Weighted average debt maturity of only 2.3 years, creating near-term refinancing risk - Operating cash flow turning negative at -$3.0 million in Q1 2025 **Valuation Metrics**: - Trading at 0.37x book value, indicating market expects significant asset value destruction - Negative earnings with price-to-book ratio suggesting deep discount to asset values - Enterprise value metrics distorted by negative EBITDA in recent quarters **Other Considerations**: - Current ratio of 8.9x provides some short-term liquidity cushion with $7.1 million cash - Asset sales strategy (9 Times Square sold, others marketed) may provide capital but at potentially distressed prices - High-quality tenant base (77% investment grade) offers some stability but insufficient to offset structural headwinds
Recent development
Over the past few years, New York City REIT has undergone significant strategic transformation in response to challenging market conditions. The company has pivoted from a growth-oriented acquisition strategy to an active portfolio rationalization approach, focusing on strategic asset dispositions to improve its financial position and reduce concentration risk. The most significant recent development was the completed sale of 9 Times Square for $63.5 million, which generated approximately $13.5 million in net proceeds after debt retirement. This transaction marked the beginning of a broader portfolio optimization strategy, with the company actively marketing two additional properties: 123 William Street and 196 Orchard Street for sale. A major leadership transition occurred with CEO Michael Anderson's resignation and the appointment of Nick Schorsch Jr. as the new CEO. This change coincided with a strategic shift toward geographic and asset class diversification, with management exploring opportunities beyond Manhattan real estate, particularly in New England markets. The company has also focused on operational improvements within its existing portfolio, completing multiple lease renewals and new tenant signings. In 2024, NYC secured five new leases totaling over 37,000 square feet and achieved occupancy improvements from 80.8% to 82% by Q1 2025. The leasing strategy has emphasized securing tenants in resilient industries and maintaining the high credit quality of its tenant base. Financially, the company has been working to optimize its capital structure, using asset sale proceeds primarily to retire debt and reduce leverage. The strategy reflects management's recognition that the traditional New York City office-focused model requires fundamental restructuring to remain viable in the post-pandemic environment.
NYC company profile · for informational purposes only — not investment advice.
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