American Strategic Investment Co. (formerly New York City REIT, Inc.) reported a net loss attributable to common stockholders of $21.2 million for the fiscal year ending December 31, 2025, a significant improvement from a net loss of $140.6 million in the previous year. The company’s revenue from tenants decreased to $43.3 million, down from $61.6 million in 2024, primarily due to the sale of the 1140 Avenue of the Americas property and the impact of the COVID-19 pandemic on leasing activity. Operating expenses also decreased to $86.7 million from $182.5 million, largely due to lower impairment charges and property operating expenses.
The company underwent a strategic shift in December 2022, terminating its REIT election effective January 1, 2023, to diversify its asset portfolio beyond traditional real estate. This change was accompanied by a 1-for-8 reverse stock split and a rebranding to American Strategic Investment Co. The company recognized a gain of $47.9 million related to the consensual foreclosure of the 1140 Avenue of the Americas property, which was removed from the balance sheet in September 2025. As of December 31, 2025, the company owned five properties with a total of 742,632 rentable square feet, achieving an overall occupancy rate of 80.3%.
Operationally, the company faced challenges in maintaining occupancy levels, with a slight decrease from 80.8% in 2024. The largest asset, 123 William Street, saw occupancy drop to 79.2%. The company reported that 98% of cash rent was collected across its portfolio for the year, although future collections remain uncertain due to ongoing market conditions. The company is focusing on increasing occupancy through tenant incentives and has implemented expense reduction initiatives to lower operating costs.
As of December 31, 2025, American Strategic Investment Co. had total outstanding indebtedness of approximately $249.6 million, with a weighted-average interest rate of 4.56%. The company is currently in breach of certain mortgage covenants, which has resulted in cash sweep events that restrict access to excess cash generated by properties. The company’s liquidity position remains constrained, and it is exploring various financing options to meet its obligations. The outlook for the company includes a focus on divesting underperforming assets and enhancing cash flow through leasing initiatives, although significant uncertainty remains regarding the recovery of the New York City real estate market.
About American Strategic Investment Co.
American Strategic Investment Co. is an externally managed real estate investment company owning a portfolio of primarily office and retail properties in New York City, mainly Manhattan. It focuses on acquiring and managing commercial real estate with high occupancy, targeting income generation through leasing to diverse tenants including financial services and government sectors. The company’s business model emphasizes property management, leasing, and opportunistic acquisitions to maximize returns for stockholders.
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