American Strategic Investment owns a small portfolio of commercial office and retail properties in New York City, primarily in Manhattan. The company owns five mixed-use properties totaling about 0.7 million rentable square feet, located near major transit hubs. American Strategic Investment generates revenue by leasing space to office and retail tenants under multi-year leases. Its largest tenant sectors are government/public administration, retail, and non-profit, with notable tenants including CVS, Marshalls, and various government agencies. The portfolio was 80.3% occupied at year-end 2025, with a weighted average remaining lease term of 6.1 years. The company is externally managed with no employees; day-to-day operations are handled by its advisor and property manager, both affiliated with AR Global Investments. American Strategic Investment is actively shrinking its NYC office portfolio — it sold 9 Times Square in late 2024 and completed a consensual foreclosure on 1140 Avenue of the Americas in 2025, and is marketing additional properties for sale. The stated goal is to pay down debt and redeploy capital into higher-yielding assets outside NYC office. The company revoked its REIT election in 2023 to gain flexibility to own non-REIT-qualifying asset types. Liquidity has been a challenge, with the company deferring management fees and drawing on bridge loans from its advisor to cover operating needs.