SCHEDULE 13D/A: Bellevue Capital Partners and Affiliates Significantly Increase Stake in American Strategic Investment Co. to Over 57%

Bellevue Capital Partners, LLC, along with affiliated entities and individuals, has substantially increased its beneficial ownership in American Strategic Investment Co. to 57.7% through recent open market purchases.

Summary

• This document is Amendment No. 20 to the Schedule 13D filing for American Strategic Investment Co. (formerly New York City REIT, Inc.), updating beneficial ownership and reporting recent share transactions.
• Bellevue Capital Partners, LLC now beneficially owns 1,487,273 shares of Class A common stock, representing 57.7% of the outstanding shares.
• Nicholas S. Schorsch, an individual reporting person, beneficially owns 1,513,832 shares, representing 58.7% of the outstanding Class A common stock.
• AR Global Investments, LLC, American Realty Capital III, LLC, New York City Special Limited Partnership, LLC, and New York City Advisors, LLC each beneficially own 520,666 shares, representing 20.2% of the outstanding Class A common stock.
• Edward M. Weil, Jr. beneficially owns 109 shares, representing 0.1% of the outstanding Class A common stock.
• These percentages are calculated based on 2,663,980 outstanding shares of Class A common stock as of November 8, 2024.
• Bellevue Capital Partners, LLC conducted open market purchases of Class A common stock from January 21, 2025, to February 13, 2025, with weighted average prices ranging from $9.05 to $11.23 per share.

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership by a major investment group and its affiliates, coupled with purchases at rising prices, indicates strong confidence and a potentially positive outlook for the company from these key stakeholders.

Positives

• Significant increase in beneficial ownership by Bellevue Capital Partners, LLC and related entities/individuals, indicating strong conviction in the company's value and future prospects.
• The open market purchases by Bellevue Capital Partners, LLC were made at increasing weighted average prices, suggesting a belief in continued share price appreciation.
• Bellevue Capital Partners, LLC now holds a controlling stake of 57.7%, which could imply greater stability or a clearer strategic direction for the company.
• Nicholas S. Schorsch, a key individual, holds an even larger beneficial stake of 58.7%, reinforcing the concentrated ownership and potential for strategic influence.

Future Outlook

The document does not provide explicit forward-looking statements or guidance, focusing solely on historical ownership changes and recent share purchases.

Management Comments

• The filing includes certifications from Michael R. Anderson, General Counsel for Bellevue Capital Partners, LLC, AR Global Investments, LLC, American Realty Capital III, LLC, and New York City Special Limited Partnership, LLC, and Chief Executive Officer for New York City Advisors, LLC, and Attorney-in-Fact for Nicholas S. Schorsch and Edward M. Weil, Jr., affirming the truth, completeness, and correctness of the information to the best of his knowledge and belief.

Industry Context

This Schedule 13D/A filing reflects a significant increase in concentrated ownership by a key investment group and its affiliates in American Strategic Investment Co., a real estate investment company. Such accumulation of shares by a major shareholder group can signal a strategic move to exert greater control or capitalize on perceived undervaluation within the real estate sector, potentially influencing future corporate strategy or governance.

Related Party Transactions

• The open market purchases of Class A Common Stock by Bellevue Capital Partners, LLC from January 21, 2025, to February 13, 2025, are transactions by a reporting person who is a significant beneficial owner and thus can be considered related party dealings in the context of ownership disclosure.
• The beneficial ownership reported by AR Global Investments, LLC, American Realty Capital III, LLC, New York City Special Limited Partnership, LLC, New York City Advisors, LLC, Nicholas S. Schorsch, and Edward M. Weil, Jr. are all related parties to Bellevue Capital Partners, LLC or to each other, indicating a concentrated ownership group.

Stakeholder Impact

• Shareholders: Increased concentration of ownership by a major investment group could lead to more stable governance and potentially a clearer strategic direction, but also reduced liquidity or influence for minority shareholders. The purchases at increasing prices might signal positive future value.
• Management: The controlling stake held by Bellevue Capital Partners and affiliates could mean closer oversight or influence on management decisions and corporate strategy.

Next Steps

• Bellevue Capital Partners undertakes to provide the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the reported ranges.

Key Dates

Recommendation

Keywords

American Strategic Investment Co., New York City REIT, Bellevue Capital Partners, AR Global Investments, Nicholas S. Schorsch, SEC filing, Schedule 13D/A, beneficial ownership, common stock, open market purchases, insider buying, corporate governance, investment