American Strategic Investment agrees term sheet to sell Manhattan property

American Strategic Investment announced that it has agreed to a term sheet to sell its 9 Times Square Midtown Manhattan property for $63.5M. It is expected that the closing of the transaction will occur within 120 days of the execution of a definitive purchase and sale agreement between the parties. The Company 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. There can be no assurance that the Company will enter into a definitive agreement for the sale of 9 Times Square on the terms set forth in the term sheet or at all.