American Strategic Investment Co. has announced a term sheet agreement to sell its 9 Times Square property in Midtown for $63.5 million, with closing expected within 120 days following the execution of a definitive purchase and sale agreement.  

The company recently amended the loan on 9 Times Square, extending its maturity to October 2024, with a potential extension to year-end 2024, to facilitate the sale. However, there is no guarantee that the definitive agreement for the sale will be finalized as outlined in the term sheet. 

“We expect this sale to generate approximately $13.5 million 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,” said Michael Anderson, Chief Executive Officer of ASIC.