American Strategic Investment Co. (NYSE: NYC) is a non-traded real estate investment trust that owns and operates commercial office and retail properties concentrated in New York City. Revenue comes from tenant lease payments on a portfolio of 49 leases totaling approximately 545,000 rentable square feet, with annualized straight-line rent of $27.1 million as of December 31, 2025 (per the 10-K filed 2026-04-15). The company is externally managed by New York City Advisors, LLC, which receives management fees partly paid in common stock. As of December 31, 2025, two mortgages encumbering three properties totaling $60.0 million in principal were in default or cash trap status, including an accelerated loan on 1140 Avenue of the Americas where lenders initiated foreclosure proceedings in June 2025. The portfolio faces persistent occupancy and leasing pressure tied to the slow recovery of the New York City office market following the COVID-19 pandemic.

Revenue model

Rental income from commercial tenants under multi-year leases, recognized on a straight-line basis. External advisor compensation is partly settled in common stock rather than cash.

Products and services

Commercial office and retail space leased to tenants in New York City properties, including 1140 Avenue of the Americas and 123 William Street.

Customers and end markets

Top tenants by annualized straight-line rent as of the 10-K filed 2026-04-15: Planned Parenthood Federation of America (11.7%), Equinox (10.1%), The City of New York - Department of Youth and Community (7.8%), CVS (7.6%), United States General Services Administration (7.2%), NYS Licensing (6.4%), Marshalls (5.2%). End markets include government agencies, healthcare, fitness, pharmacy retail, and apparel retail.

Value-chain role

Property owner and landlord. Day-to-day management and leasing handled by external manager New York City Advisors, LLC under an advisory and property management agreement.

Geographic exposure

Exclusively New York City, New York, based on portfolio description in the 10-K filed 2026-04-15.

Source: SEC 10-K, filed 2026-04-15

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