American Strategic Investment has entered into a definitive purchase and sale agreement to divest its property located at 421 W. 54th Street, known as the “Hit Factory,” for a sum of $4.5 million. The property sold by ASIC was one of four Hit Factory locations around Manhattan, including the current one in NoHo. It operated under that name from 1992 to 2005.
The transaction, set to conclude in the fourth quarter of 2023, will provide unencumbered net proceeds that will be allocated for general corporate purposes.
“We are glad to have identified a strategic buyer for this property, showing the resilience of the New York City market again as a new set of users begins to take root within the city. We look forward to closing the sale of this unencumbered property later this year,” said Michael Weil, CEO of ASIC.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.