American Strategic Investment Co. owns a concentrated commercial real estate portfolio predominantly in Manhattan, totaling approximately 0.7 million rentable square feet as of end-2025. Since terminating its REIT election at the start of 2023, the company has expanded its asset scope but faces significant headwinds including mortgage covenant breaches and liquidity constraints. Despite recognizing a one-time $47.9 million gain from a consensual foreclosure of a major property in 2025, the company reported a net loss of $21.2 million and negative operating cash flows for the year. The capital structure is stressed with $251 million of mortgage notes payable, including accelerated debt and ongoing defaults on certain properties, raising substantial doubts about going concern. Watch for refinancing efforts, property disposals, and management’s ability to stabilize operational cash flows.