US real estate investor American Strategic Investment is selling its 9 Times Square Midtown Manhattan property for $63.5m (鈧�59.4m).
According to American Strategic Investment鈥檚 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 鈥渙ccur within 120 days of the execution of a definitive purchase and sale agreement between the parties鈥�.
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, 鈥渨hich we intend to use to pursue the expanded asset acquisition and diversification strategy into higher yielding assets that was announced last year鈥�.
鈥淎dditionally, if completed, we expect that this strategic disposition will strengthen our balance sheet,鈥� Anderson added.
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