1. Think of it as a smaller, city-wide Empire State Realty Trust (ESRT), focused on commercial properties across all five NYC boroughs.

2. Like a concentrated Vornado Realty Trust (VNO), but exclusively owning commercial real estate throughout New York City.

• Commercial Property Leasing: The company leases space in its portfolio of high-quality commercial real estate located within the five boroughs of New York City to various tenants.
• Real Estate Investment and Management: The company actively invests in, acquires, manages, and optimizes a portfolio of commercial properties in New York City to generate rental income and capital appreciation for its shareholders.

New York City REIT, Inc. (NYSE: NYC) primarily sells to other companies through leasing commercial real estate properties located within the five boroughs of New York City.

Based on available public information, its major customers (tenants) include:

• New York City Health and Hospitals Corporation (not a public company)

Nicholas S. Schorsch, Jr. Chief Executive Officer

Michael LeSanto Chief Financial Officer

Michael Weil Director and Executive Chairman

Christopher Chao Senior Vice President of Asset Management

The key risks to American Strategic Investment (symbol: NYC) are primarily centered around its concentrated real estate portfolio in a challenging market, its high financial leverage, and its compliance with listing standards.

1. High Financial Leverage and Going Concern Doubt

   American Strategic Investment operates with a significant amount of debt, reflected by a net debt to gross asset value of 58.6% as of September 30, 2025, with total net debt reaching $247.6 million against total assets of $448.1 million. This high leverage has led to financial distress, including the strategic disposition of a major asset (1140 Avenue of the Americas) through a consensual foreclosure to eliminate a $99 million liability. These conditions have caused management to publicly disclose that there is "substantial doubt about the company's ability to continue as a going concern," indicating concerns about its long-term viability. The company is also exposed to interest rate risk due to its variable rate debt, which could increase interest expenses.

2. High Manhattan Office Vacancy Rates and Concentration Risk

   The company's portfolio is heavily concentrated in a limited number of Manhattan office properties (only six properties as of September 30, 2025), making it highly susceptible to the specific challenges of this market. Manhattan's office market is experiencing structural oversupply and weak demand, resulting in a persistently high vacancy rate, which stood at 22.0% in the third quarter of 2025. This directly impacts the company's revenue, as evidenced by a decrease in revenue from tenants in Q3 2025 compared to Q3 2024. The lack of diversification makes the company vulnerable to localized market fluctuations and the performance of individual large tenants.

3. NYSE Delisting Risk

   American Strategic Investment has explicitly acknowledged risks related to its ability to regain compliance with the New York Stock Exchange's (NYSE) continued listing standards. The company received a notice of non-compliance on August 26, 2025, because its average global market capitalization fell below $50 million over 30 consecutive trading days. Failure to regain compliance by February 26, 2027, could lead to the delisting of its common stock, which would likely have a significant negative impact on its share price and shareholders' ability to trade the stock.

Widespread adoption of remote and hybrid work models: This ongoing shift reduces the demand for traditional office space, a significant component of commercial real estate in New York City. Companies are increasingly allowing employees to work from home or offering flexible schedules, leading to higher office vacancies, downward pressure on rents, and a potential decrease in property valuations for office buildings. This fundamentally challenges the long-term value and income generation from office assets.

Continued growth of e-commerce and changing retail consumption patterns: The increasing dominance of online shopping continues to put pressure on traditional brick-and-mortar retail businesses. This trend can lead to store closures, reduced demand for physical retail spaces, and declining rental income and property values for retail-focused commercial properties within New York City's portfolio. It forces retailers to adapt, impacting their need for traditional physical footprints.

The addressable market for American Strategic Investment (symbol: NYC), which operates as New York City REIT, Inc. and owns a portfolio of commercial real estate, is the commercial real estate market within the five boroughs of New York City, U.S. This market is estimated to be close to $2 trillion in value.

Here are 3-5 expected drivers of future revenue growth for American Strategic Investment (symbol: NYC) over the next 2-3 years:

1. Increasing Occupancy and Leasing Activity: American Strategic Investment anticipates growth from its leasing pipeline, expecting to increase occupancy and straight-line rent across its portfolio. For example, occupancy at Nine Times Square improved by 3% in Q3 2022 and 8% year-to-date, indicating successful leasing efforts. The company believes there are significant opportunities to boost occupancy and revenue through diligent management and the ongoing positive momentum in the Manhattan market, which suggests a return to offices and robust leasing activity.
2. Strategic Portfolio Restructuring and Reinvestment: The company is actively engaged in restructuring its portfolio through strategic asset sales. It is disposing of 1140 Avenue of the Americas via consensual foreclosure to eliminate a substantial liability and is marketing other properties, such as 123 William Street and 196 Orchard, for sale. The proceeds from these sales are intended for debt retirement and reinvestment into higher-yielding assets, which is a key component of its strategy for future revenue generation.
3. Leveraging Manhattan Real Estate Market Recovery: American Strategic Investment is well-positioned to benefit from the ongoing rebound in the Manhattan commercial real estate market. The outlook for Manhattan real estate is considered strong, with expectations for increased office and retail traffic. As New York continues its economic recovery post-pandemic, the company aims to capitalize on emerging opportunities for growth and enhanced property valuations.
4. Enhanced Tenant Retention and Property Improvements: The company has focused on strengthening tenant retention and making property improvements. A significant lease renewal at 196 Orchard extended the weighted average remaining lease term of its portfolio to 6.2 years, with more than half of its leases now extending beyond 2030. These efforts contribute to stable revenue streams and can lead to future rental growth by maintaining high-quality tenants and attracting new ones.

Share Issuance

• American Strategic Investment Co. completed a 1-for-8 reverse stock split on January 11, 2023, which reduced the number of outstanding common shares from approximately 15.4 million to 1.9 million.
• The company announced in December 2022 its intention to launch a rights offering to raise additional capital.

Outbound Investments

• American Strategic Investment Co. plans to sell its properties at 123 William Street and 196 Orchard to retire debt and reinvest in higher-yielding assets.
• The company is undergoing a consensual foreclosure process for 1140 Avenue of the Americas, which is anticipated to close in the fourth quarter of 2025, eliminating a $99 million liability due in July 2026.

Capital Expenditures

• In the third quarter of 2025, American Strategic Investment Co. focused on property improvements to enhance tenant retention.