# EDGAR Filing Document

**Accession Number:** 0001595527
**File Stem:** 0001104659-23-005971
**Filing Date:** 2023-1
**Character Count:** 281612
**Document Hash:** 99a5237c63f813be87387ebf2cc823a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-005971.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001104659-23-005971

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20230118

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New York City REIT, Inc.
- **CENTRAL INDEX KEY:** 0001595527
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 464380248
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39448
- **FILM NUMBER:** 23545829

**BUSINESS ADDRESS:**
- **STREET 1:** 650 FIFTH AVE
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2124156500

**MAIL ADDRESS:**
- **STREET 1:** 650 FIFTH AVE
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Realty Capital New York City REIT, Inc.
- **DATE OF NAME CHANGE:** 20140226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Realty Captal New York City REIT, Inc.
- **DATE OF NAME CHANGE:** 20131230

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): January 18, 2023

**American Strategic Investment Co.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-39448** | **46-4380248** |
| (State or other jurisdiction<br> of incorporation) | (Commission <br> File Number) | (IRS Employer<br> Identification No.) |
| **650 Fifth Avenue, 30th Floor**<br> **New York** **, New York 10019** | **650 Fifth Avenue, 30th Floor**<br> **New York** **, New York 10019** | **650 Fifth Avenue, 30th Floor**<br> **New York** **, New York 10019** |
| (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) |
| Registrant's telephone number, including area code: **(212) 415-6500** | Registrant's telephone number, including area code: **(212) 415-6500** | Registrant's telephone number, including area code: **(212) 415-6500** |

---

**New York City REIT, Inc.**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which <br> registered** |
| Class A Common Stock, $0.01 par value per share | NYC | New York Stock Exchange |
| Class A Preferred Stock Purchase Rights |  | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 1.01 Entry into a Definitive Material Agreement.**

*Dealer Manager Agreement*

On January 23, 2023, American Strategic Investment Co. (the "Company") and New York City Operating Partnership, L.P. entered into a dealer manager agreement (the "Dealer Manager Agreement") with B. Riley Securities, Inc. ("B. Riley") pursuant to which B. Riley is acting as dealer manager for the Rights Offering (as defined below). Pursuant to the Dealer Manager Agreement, B. Riley will generally earn a fee of 5% of the gross proceeds the Company receives from the sale of shares of Common Stock (as defined below) pursuant to the exercise of Subscription Rights (as defined below); provided that this fee will be reduced to 1% of the gross proceeds received from the sale of shares of Common Stock on exercise of Subscription Rights by Bellevue Capital Partners, LLC ("Bellevue") and its affiliates as well as each of the Company's officers and directors. In addition, the Company is required to reimburse B. Riley upon request for its out-of-pocket, accountable, bona fide expenses actually and reasonably incurred in connection with the services performed in connection with the Rights Offering including the reimbursement of the reasonable fees and expenses not to exceed $50,000. The Dealer Management Agreement also contains customary indemnification provisions.

The foregoing description of the Dealer Manager Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Dealer Manager Agreement filed as Exhibit 1.1 hereto and incorporated herein by reference.

*Amendment to Rights Agreement and Waiver Agreement*

 

On January 23, 2023, the Company entered into Amendment No. 3 to the Amended and Restated Rights Agreement, dated August 17, 2020 (as amended by Amendment No. 1, dated August 12, 2021, and Amendment No. 2, dated August 10, 2022, as amended the "Rights Agreement") (the "Rights Plan Waiver Agreement"). Pursuant to the Rights Plan Waiver Agreement, the Company exempted any purchases made in connection with exercising Subscription Rights (as defined below) from the ownership limits contained in the Rights Agreement.

In addition, on January 23, 2023, the Company entered into the Second Amendment to the Waiver Agreement, dated February 4, 2022 (as amended by the First Amendment, dated August 10, 2022) with Bellevue and New York City Advisors, LLC (the "Advisor") (the "Waiver Agreement"). Pursuant to the Waiver Agreement, the Company waived the existing ownership limits applicable to purchases of the Company's Common Stock by Bellevue, the Advisor and each other Excluded Person (as defined in the Waiver Agreement) including future issuances of Common Stock issued in lieu of the Company paying cash to the Advisor for asset management services. In connection with the Waiver Agreement, Bellevue, the Advisor and each other Excluded Person have granted an irrevocable proxy to the Company that grants the Company the right to vote any shares of Common Stock directly or indirectly Beneficially Owned (as defined in the Waiver Agreement) collectively by Bellevue, the Advisor and each other Excluded Person in excess of 34.9% of the Company's outstanding shares of Common Stock in the same proportion as all other shares voted by the Company's stockholders.

The foregoing descriptions of the Rights Plan Waiver Agreement and the Waiver Agreement do not purport to be complete and are subject to, and qualified in their entirety by reference to, the full text of the Rights Plan Waiver Agreement and the Waiver Agreement filed as Exhibits 4.3 and 10.2, respectively, hereto and incorporated herein by reference.

**Item 3.03 Material Modification to Rights of Security Holders.**

As discussed in Item 1.01 above, the Company has entered into the Rights Plan Waiver Agreement. The description of the Rights Plan Waiver Agreement included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.

Pursuant to Article VII, Section 7.4 of the Company's charter, the Company's board of directors determined that it is no longer in the best interests of the Company to continue to be qualified as a real estate investment trust ("REIT"). The restrictions on ownership and transfer of Shares (as defined the in the Company's charter) set forth in Article V, Section 5.7 of the Company's charter, including, without limitation, the "Aggregate Share Ownership Limit," as defined therein, no longer apply. On January 18, 2023, the Company filed a Certificate of Notice (the "Certificate of Notice") with the State Department of Assessments and Taxation of Maryland ("MSDAT") reflecting the board's determination that it is no longer in the best interests of the Company to continue to qualify as a REIT and that therefore the Aggregate Share Ownership Limit will no longer be in effect.

The foregoing summary of the material terms of the Certificate of Notice does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Certificate of Notice which is attached as Exhibit 4.2 to this Current Report on Form 8-K and incorporated herein by reference.

**Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.**

On January 18, 2023, the Company filed Articles of Amendment to its charter with the MSDAT in which the Company changed its name to "American Strategic Investment Co." from "New York City REIT, Inc." The name change became effective on January 19, 2023. Trading of the Common Stock on the New York Stock Exchange under the new name began on January 20, 2023 under the existing trading symbol "NYC."

The foregoing description of the amendment to the Company's charter does not purport to be complete and is qualified in its entirety by reference to such amendment, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

On January 24, 2023, the Company issued a press release announcing the launch of the Rights Offering. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.5 and is incorporated herein by reference.

The information in this Item 7.01 and Exhibit 99.5 attached hereto is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 8.01** **Other Events.**

 

On January 23, 2023, the Company commenced an offering of shares of its Class A common stock, par value $0.01 per share (the "Common Stock"), through a rights offering (the "Rights Offering"). The Company distributed non-transferable rights (the "Subscription Rights") to its stockholders of record as of 5:00 p.m., Eastern Time, on January 12, 2023 (the "Record Date") to purchase up to 386,100 shares of its Common Stock. The Company will not issue fractional shares on exercise of the Subscription Rights. Holders of Subscription Rights will only be entitled to purchase a whole number of shares of Common Stock, rounded down to the nearest whole number a holder would otherwise be entitled to purchase. Holders of record must hold at least five shares of Common Stock as of the Record Date in order to purchase one whole share of Common Stock in the Rights Offering.

The offering of the Common Stock pursuant to the Rights Offering is being made pursuant to the Company's existing effective shelf registration statement on Form S-3 (File No. 333-248121) (the "Registration Statement") on file with the Securities and Exchange Commission (the "SEC"), including the base prospectus, dated September 14, 2020 (the "Base Prospectus) contained therein, and a prospectus supplement specific to the Rights Offering filed with the SEC on January 23, 2023 (the "Prospectus Supplement" and collectively with the Base Prospectus, the "Prospectus").

The Company is filing certain ancillary documents as Exhibits 4.1, 99.1, 99.2, 99.3 and 99.4 to this Current Report on Form 8-K for the purpose of incorporating these items by reference as exhibits to the Prospectus. Also in connection with the Rights Offering, the Company is filing, (i) as Exhibit 5.1, the opinion of Venable LLP, counsel to the Company, in connection with the issuance of the Common Stock issuable in the Rights Offering and (ii) as Exhibit 8.1, the opinion of Proskauer Rose LLP, counsel to the Company, with respect to certain U.S. federal income tax matters. The foregoing descriptions of Exhibits 4.1, 5.1, 8.1, 99.1, 99.2, 99.3 and 99.4 do not purport to be complete and each is qualified in its entirety by reference to the full text of such exhibit.

This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company, nor shall there be any offer, solicitation or sale of any securities of the Company in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction.

***Forward Looking Statements***

The statements in this Current Report on Form 8-K that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words "may," "will," "seeks," "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company's election to terminate its status as a real estate investment trust, (b) the Company's ability to launch the Rights Offering as expected, (c) whether stockholders of record will exercise their Subscription Rights to purchase Common Stock and the amount subscribed, (d) whether the Company will be able to successfully acquire new assets or businesses, (e) the potential adverse effects of (i) the global COVID-19 pandemic, including actions taken to contain or treat COVID-19, (ii) the geopolitical instability due to the ongoing military conflict between Russia and Ukraine, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company's tenants, and the global economy and financial markets, and (iii) inflationary conditions and higher interest rate environment, (f) the fact that the Company had to restate or revise certain of its historical financial statements and has identified a material weakness in its internal controls over financial reporting and (g) that any potential future acquisition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, as well as those risks and uncertainties set forth in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed on March 18, 2022 and all other filings with the SEC after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q, Amendments to Quarterly Reports on Form 10-Q/A and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

**Item 9.01** **Financial Statements and Exhibits.**

*(d)* *Exhibits* 

---

| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [1.1](tm234126d1_ex1-1.htm) | [Dealer Manager Agreement, dated January 23, 2023, by and among American Strategic Investment Co., New York City Operating Partnership, L.P. and B. Riley Securities, Inc.](tm234126d1_ex1-1.htm) |
| [3.1](tm234126d1_ex3-1.htm) | [Articles of Amendment – Name Change](tm234126d1_ex3-1.htm) |
| [4.1](tm234126d1_ex4-1.htm) | [Form of Rights Card](tm234126d1_ex4-1.htm) |
| [4.2](tm234126d1_ex4-2.htm) | [Certificate of Notice of American Strategic Investment Co.](tm234126d1_ex4-2.htm) |
| [4.3](tm234126d1_ex4-3.htm) | [Third Amendment, dated as of January 23, 2023, to the Amended and Restated Rights Agreement, as amended by Amendment No. 1, dated August 12, 2021, and Amendment No. 2, dated August 10, 2022, between American Strategic Investment Co. and Computershare Trust Company, N.A. as Rights Agent](tm234126d1_ex4-3.htm) |
| [5.1](tm234126d1_ex5-1.htm) | [Opinion of Venable LLP, dated January 23, 2023](tm234126d1_ex5-1.htm) |
| [8.1](tm234126d1_ex8-1.htm) | [Opinion of Proskauer Rose LLP, dated January 23, 2023](tm234126d1_ex8-1.htm) |
| [10.1](tm234126d1_ex10-1.htm) | [Second Amendment to Waiver Agreement, dated January 23, 2023, by and among American Strategic Investment Co., Bellevue Capital Partners, LLC and New York City Advisors, LLC](tm234126d1_ex10-1.htm) |
| [23.1](tm234126d1_ex5-1.htm) | [Consent of Venable LLP (included in Exhibit 5.1)](tm234126d1_ex5-1.htm) |
| [23.2](tm234126d1_ex8-1.htm) | [Consent of Proskauer Rose LLP (included in Exhibit 8.1)](tm234126d1_ex8-1.htm) |
| [99.1](tm234126d1_ex99-1.htm) | [Form of Instructions as to Use of Rights Certificates](tm234126d1_ex99-1.htm) |
| [99.2](tm234126d1_ex99-2.htm) | [Form of Broker Letter to Clients who are Beneficial Holders](tm234126d1_ex99-2.htm) |
| [99.3](tm234126d1_ex99-3.htm) | [Form of Notice to Foreign Stockholders who are Record Holders](tm234126d1_ex99-3.htm) |
| [99.4](tm234126d1_ex99-4.htm) | [Form of Beneficial Owner Election Form](tm234126d1_ex99-4.htm) |
| [99.5](tm234126d1_ex99-5.htm) | [Press Release, dated January 24, 2023, regarding the Rights Offering](tm234126d1_ex99-5.htm) |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL Document. |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: January 24, 2023 | American Strategic Investment Co. | American Strategic Investment Co. |
|  | By: | /s/ Edward M. Weil, Jr. |
|  |  | Edward M. Weil, Jr. |
|  |  | *Chief Executive Officer, President and Secretary* |

---

## Exhibit 1.1

**Exhibit 1.1**

**DEALER MANAGER AGREEMENT**

January 23, 2023

B. Riley Securities, Inc.

as Dealer Manager

299 Park Avenue, 21st Floor

New York, New York 10171

Ladies and Gentlemen:

American Strategic Investment Co., a Maryland corporation (the "**Company**") and New York City Operating Partnership, L.P., a Delaware limited partnership (the "**Operating Partnership**"), confirm their respective agreements with B. Riley Securities, Inc. in its capacity as the dealer manager for the Company (the "**Dealer Manager**" and, together with the Company and the Operating Partnership, the "**Parties**" and each, a "**Party**"), as follows:

The Company proposes to distribute subscription rights (the "**Rights**") to subscribe for and purchase, at the election of the holders of the Rights (the "**Rights Holders**"), an aggregate of 386,100 shares (the "**Underlying Shares**") of its Class A common stock, par value $0.01 per share (the "**Common Stock**"), to the holders of record of its Common Stock at 5:00 p.m., New York Time, on January 12, 2023, at a cash subscription price of $12.95 per full share of Common Stock (the "**Rights Offering**"). No fractional Rights will be issued. Each Right entitles the Rights Holder to purchase 0.20130805 shares of Common Stock, subject to certain terms and conditions. Each Right Holder that exercises all its Rights will have an oversubscription option that entitles such Right Holder to subscribe for additional Underlying Shares at the same subscription price per full Underlying Share if any Underlying Shares are not subscribed as of the expiration date by other Rights Holders pursuant to their Rights, subject to certain terms and conditions. Fractional shares of Common Stock will not be issued. Rights Holders will only be entitled to purchase a whole number of Underlying Shares, rounded down to the nearest whole number such Rights Holders would otherwise be entitled to purchase.

It is anticipated that the Rights will be exercisable from January 23, 2023 through 5:00 p.m., New York Time, on February 22, 2023 or such later date as may be designated by the Company in its sole discretion (such period, the "**Subscription Period**"). The terms and the conditions of the Rights Offering are set forth in the Prospectus (as defined below) to be used in connection with the Rights Offering. The Rights and the Underlying Shares are collectively referred to herein as the "**Securities**." This Dealer Manager Agreement, as amended, supplemented or modified from time to time is referred to herein as this "**Agreement**."

The Company has filed with the Securities and Exchange Commission (the "**Commission**") a shelf registration statement on Form S-3 (File No. 333-248121), including a related base prospectus, pursuant to the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the "**Securities Act**"), which has been declared effective by the Commission. "**Registration Statement**" means such registration statement, as amended at the time it was declared effective by the Commission, including any information deemed pursuant to Rule 430B of the Securities Act to be part of such registration statement at the time of its effectiveness and all documents filed as part thereof or incorporated by reference therein, and including any information contained in the Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act.

For purposes of this Agreement, (i) "**Base Prospectus**" means the base prospectus forming a part of the Registration Statement; (ii) "**Preliminary Prospectus**" means any preliminary prospectus supplement to the Base Prospectus (including the Base Prospectus as so supplemented) used in connection with the Rights Offering prior to the filing of the final prospectus supplement referred to in the following sentence, including all documents incorporated by reference in the preliminary prospectus supplement and the Base Prospectus to the extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act); (iii) "**Prospectus**" means the final prospectus supplement to the Base Prospectus relating to the Securities and the Rights Offering (including the Base Prospectus as so supplemented), including all documents incorporated by reference in the final prospectus supplement and the Base Prospectus to the extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act); and (iv) "**Issuer Free Writing Prospectus**" means any "issuer free writing prospectus," as defined in Rule 433 relating to the Rights Offering or the Securities, in each case, in the form approved by the Company and either filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g). Any reference herein to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act as of the effective date of the Registration Statement or the date of such Base Prospectus, Preliminary Prospectus or Prospectus, as the case may be. For purposes of this Agreement, all references to the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System or any successor system thereto ("**EDGAR**").

Section 1. **Engagement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General***.* The Company has previously engaged you as exclusive financial advisor and dealer manager pursuant to that certain letter agreement dated December 23, 2022 (as such letter agreement may be amended or modified, the "**Engagement Letter**"). The Company hereby confirms your appointment as a dealer manager in the Rights Offering and authorizes you to act on its behalf in connection with the Rights Offering as specified herein, all in accordance with, and subject to the terms and conditions of, this Agreement and the procedures described in the Rights Offering Materials (as defined below). On the basis of the representations and warranties and agreements of the Company herein contained and subject to and in accordance with the terms and conditions hereof and of the Rights Offering Materials, you hereby agree to act as Dealer Manager in connection with the Rights Offering, and in connection therewith, you shall act in accordance with your customary practices and shall perform those services in connection with the Rights Offering that are customarily performed by investment banking firms in connection with acting as a dealer manager of rights offerings of like nature, including, but not limited to, (i) reviewing the Rights Offering Materials and the associated reverse stock split, (ii) assisting the Company in the Company's determination of appropriate structure, timing, pricing and other terms of the Rights Offering, (iii) assisting the Company with communications with stockholders in connection with the Rights Offering and the associated reverse stock split, (iv) conducting an examination of documents and records pertaining to the Company, interviewing Company personnel, and making such other reasonable investigations as the Dealer Manager deems necessary and appropriate under the circumstances, (v) performing financial analysis of the Company and comparisons with other companies in its industry and (vi) such other services as are customary in engagements of the type contemplated hereby and as may be agreed upon by the Company and the Dealer Manager until the date on which the Subscription Period expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Agency or Fiduciary Relationship with the Company***.* The Company acknowledges and agrees that you have been retained hereunder to act solely as a dealer manager in connection with the Rights Offering and authorizes you to act in such capacity in connection with the Rights Offering. Nothing herein shall be deemed to modify any obligations due to you under the Engagement Letter. In such capacity, you shall act hereunder as an independent contractor and shall not be deemed the agent or fiduciary of the Company or any of its affiliates, equity holders or creditors or of any other person, irrespective of whether or not you have advised or are advising the Company on other matters, and all of your duties pursuant to this Agreement shall be owed solely to the Company. In soliciting the exercise of Rights pursuant to the Rights Offering, no securities broker or dealer (other than yourself), commercial bank or trust company shall be deemed to act as your agent or agent of the Company, and you, as Dealer Manager, shall not be deemed the agent of any other securities broker or dealer or of any commercial bank or trust company. The Company has obtained its own tax, accounting and legal advisors and is not relying on you or your counsel for such matters. The Company is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement. To the fullest extent permitted by law, the Company waives any claims it may have against the Dealer Manager for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Dealer Manager shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company or any stockholders, employees or creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Communication with Other Parties***.* The Company authorizes you to communicate with Computershare Inc., in its capacity as the subscription agent in respect of the Rights Offering (the "**Subscription Agent**") and Georgeson LLC, in its capacity as the information agent in respect of the Rights Offering (together with the Subscription Agent, the "**Agents**"), with respect to matters relating to the Rights Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Limitation on Liability***.* To the fullest extent permitted by law, (i) neither the Dealer Manager nor any of its directors, officers, employees, counsel, agents and each person who controls the Dealer Manager within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall be subject to any loss, claim, damage, liability or expense owed to the Company or any of the Company's affiliates or subsidiaries for any act or omission on the part of any broker or dealer in securities, bank, trust company, nominee or any other person (in each case, other than the Dealer Manager), and (ii) neither the Dealer Manager nor its affiliates shall be liable to the Company or any of its affiliates for its own acts or omissions in performing its obligations as Dealer Manager, except to the extent any losses, claims, damages, liabilities and expenses result from any act of bad faith, willful misfeasance, or gross negligence of the Dealer Manager.

Section 2. **The Rights Offering Materials**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Furnishing of Rights Offering Materials***.* The Company agrees to furnish you, at its expense, with as many copies as you may reasonably request of (i) the Registration Statement, (ii) a Preliminary Prospectus or the Prospectus (each including the Base Prospectus), and any supplement thereto, in respect of the Rights Offering, and (iii) any other solicitation statement, disclosure document or other explanatory statement, or other report, filing, document, release or communication mailed, delivered, published, or filed by or with the approval of the Company in connection with the Rights Offering, including a copy of the form of the certificate evidencing the Rights and instructions as to the use thereof and any Issuer Free Writing Prospectus (together, the "**Rights Offering Materials**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Use of Rights Offering Materials***.* You are authorized to use the Rights Offering Materials in connection with the Rights Offering and any such other materials and information regarding the Rights Offering or the Company as the Company may prepare and approve in writing for your use in connection with this Agreement (the "**Other Materials**"). You shall, however, have no obligation to cause copies of the Rights Offering Materials or any Other Materials to be transmitted generally to the Rights Holders. You agree to furnish no written material to Rights Holders in connection with the Rights Offering other than the Rights Offering Materials and the Other Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Responsibility for and Verification of Rights Offering Materials***.* The Company agrees that the Rights Offering Materials and any Other Materials have been or will be prepared and approved by, and, except for Dealer Manager Information (as defined below), are the sole responsibility of the Company. The Company acknowledges and agrees that you may use the Rights Offering Materials and the Other Materials as specified herein without assuming any responsibility for independent investigation or verification on your part, except for Dealer Manager Information, and the Company represents and warrants to you that you may rely on the accuracy and adequacy of any information delivered to you by or on behalf of the Company without assuming any responsibility for independent verification of such information or without performing or receiving any appraisal or evaluation of the Company's assets or liabilities, except with respect to any statements contained in, or any matter omitted from, the Rights Offering Materials or the Other Materials in reliance upon and in conformity with Dealer Manager Information. Any such investigation or verification by you, at your sole discretion, shall not relieve the Company of any responsibility for the Rights Offering Materials, the Other Materials or for its representations, warranties or indemnities contained herein.

Section 3. **Covenants of the Company**.

The Company covenants and agrees with you that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Information for Rights Holders***.* The Company shall reasonably cause to be delivered in a timely manner to each Rights Holder the Prospectus and one or more certificates representing such Rights Holder's Rights and the instructions for the use thereof and any other Rights Offering Materials or Other Materials deemed appropriate to be delivered to a given Rights Holder in the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Prior Consent for Amendments and Supplements***.* The Company agrees that, from and after the date hereof, to the extent reasonably practicable without violation of any applicable law or any term of the Rights Offering, (i) no solicitation material, other than the Rights Offering Materials and Other Materials or (ii) any amendment or supplement to any Rights Offering Materials or Other Materials will be used by or at the direction of the Company in connection with the Rights Offering or filed with the Commission or any other Governmental Entity (as defined below) with respect to the Rights Offering, without your prior approval (which approval shall not be unreasonably withheld, conditioned or delayed); provided that, for the avoidance of doubt, no filing, notice or other disclosure reasonably required to be made by the Company or its affiliates in accordance with the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") or NYSE (as defined below) rules and regulations shall be deemed to constitute solicitation material, Rights Offering Material or Other Materials. Notwithstanding the foregoing, nothing in this Agreement will prevent the Company from making any amendment or supplement to the Registration Statement, Preliminary Prospectus or Prospectus required under Section 3(c) hereof or if such materials do not conform in all material respects to the requirements of the Securities Act, the Exchange Act or the rules and regulations of the Commission thereunder; provided, however, that the Company will provide a copy of any such amendment to you in advance of its filing and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Preparation and Filing of Amendments and Supplements***.* If prior to the consummation or termination of the Rights Offering, any event shall occur or condition shall exist as a result of which the Registration Statement, Preliminary Prospectus or Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or would make it necessary to correct any material misstatement in any earlier communication with respect to the Rights Offering, or, if for any other reason it will be necessary during such period to amend or supplement the Registration Statement, Preliminary Prospectus or Prospectus or to file under the Exchange Act any document incorporated by reference in the Registration Statement, Preliminary Prospectus or Prospectus in order to comply with the Exchange Act, the Company will notify you promptly of such event or reason and will prepare and file with the Commission an appropriate amendment or supplement to the Registration Statement, Preliminary Prospectus or Prospectus, as applicable, so that the statements in the Registration Statement, Preliminary Prospectus or Prospectus, as applicable, as so amended or supplemented, will not, in light of the circumstances when such event occurs or such condition exists, be misleading, or so that the Registration Statement, Preliminary Prospectus or Prospectus, as applicable, will correct such statement or omission or effect such compliance in all material respects; provided, however, that the Company shall furnish the Dealer Manager with copies of any such documents within a reasonable amount of time prior to such proposed filing or use and shall not file or use any such document to which the Dealer Manager or counsel for the Dealer Manager shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Disclosure of Events Relating to the Rights Offering**. The Company shall advise you as promptly as reasonably practicable, and confirm the notice in writing, of (i) the time when any post-effective amendment to the Registration Statement becomes effective or any amendment or supplement to the Prospectus has been filed, (ii) the occurrence of any event of which the Company is aware and which would reasonably be expected to cause the Company to withdraw, rescind, terminate or materially modify the Rights Offering, (iii) any bona fide intention or requirement to make, amend or supplement any filing required by the Securities Act in connection with the Rights Offering or to make any filing in connection with the Rights Offering pursuant to any other applicable law, rule or regulation, (iv) the issuance by the Commission or any other Governmental Entity of any comment or order or the taking of any other adverse action concerning the Rights Offering (and, if in writing, the Company will furnish you with a copy thereof), (v) the suspension of qualification of the Rights or the Common Stock for offering or sale in any jurisdiction, or notice of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(e) of the Securities Act concerning the Registration Statement, (vi) the Company becoming the subject of a proceeding under Section 8A of the Securities Act in connection with the offering of the Securities, (vii) any material developments in connection with the Rights Offering which are known by the Company, including, without limitation, the commencement of any lawsuit concerning the Rights Offering, and (viii) any other information relating to the Rights Offering, the Rights Offering Materials or this Agreement that you may from time to time reasonably request. Through the expiration of the Rights Offering, the Company will use its reasonable best efforts to prevent the issuance of any stop, prevention or suspension order and, if any such order is issued, to obtain the lifting thereof as soon as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Use of Dealer Manager's Name or Likeness in Connection with the Rights Offering**. The Company agrees that, except as required by law, any reference to you in your capacity as Dealer Manager hereunder in the Rights Offering Materials or any Other Materials, or in any newspaper announcement or press release or other document or communication, is subject to your prior written approval, which you may give or withhold in your reasonable discretion. Subject to applicable law, if you resign prior to the dissemination of any such Rights Offering Materials or any Other Materials, or any such newspaper announcement or press release or other document or communication, no reference shall be made therein to you, despite any prior written approval that you may have given therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Registration of Securities***.* The Company shall use its reasonable best efforts, in cooperation with you and your counsel, to qualify or register the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Dealer Manager may designate, to continue such registration or qualification in effect so long as reasonably required for distribution of the Securities and to file such consents to service of process or other documents as may be necessary in order to effect such registration or qualification; provided, however, that the Company shall not be required in connection therewith to (i) qualify as a foreign corporation in any jurisdiction in which it is not now so qualified, (ii) take any action that would subject it to general consent to service of process or taxation other than as to matters and transactions relating to the Registration Statement, the Preliminary Prospectus, the Prospectus or the offering or sale of the Securities, in any jurisdiction in which it is not now so subject or (iii) offer Securities in any jurisdiction where the offer is not permitted under applicable local laws or accept any offers to purchase any Securities from stockholders who are residents of those states or of other jurisdictions or who are otherwise prohibited by federal or state laws or regulations to accept or exercise the Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Provision of Financial Statements**. The Company shall furnish to you at a reasonable time prior to their filing with the Commission, a copy of any financial statements, if any, of the Company and its consolidated subsidiaries for any period subsequent to the period covered by the financial statements appearing in the Preliminary Prospectus or the Prospectus that will be filed with the Commission prior to the Settlement Date (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Compliance with Securities Laws***.* The Company will comply in all material respects with the applicable provisions of the Securities Act and the Exchange Act, and other applicable securities laws, in conducting the Rights Offering and the issuance of the Underlying Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Earnings Statement**. The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Dealer Manager the benefits contemplated by, the last paragraph of Section 11(a) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Lists of Rights Holders***.* The Company, to the extent the Company has such information, will cause you to be provided with a list of the names and addresses of, and the number of Rights held by (or exercisable by), the Rights Holders, as of the first date of the Subscription Period and will use commercially reasonable efforts to provide such other information from time to time as reasonably requested by you during the term of this Agreement to facilitate the provision of your services under this Agreement. You agree to use such information only in connection with the Rights Offering in accordance with this Agreement and not to furnish such information to any other person except with the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Subscription Updates***.* The Company will instruct the Subscription Agent to furnish you with the same written reports regarding the status of the Rights Offering and exercises of Rights as it provides to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Use of Proceeds***.* The Company will use the net proceeds received by it in connection with the Rights Offering in the manner specified in the Prospectus under the caption "Use of Proceeds." The Company shall not invest or otherwise use the proceeds received by it in connection with the Rights Offering in such a manner as would reasonably be expected to require the Company or any of its subsidiaries to register as an investment company under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Approval for Listing and Trading***.* Subject to meeting the listing requirements of the New York Stock Exchange (the "**NYSE**"), the Company will use its reasonable best efforts to cause the Underlying Shares to be approved for trading and listing on the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Underlying Shares**. The Company shall reserve and keep available for issue such number of authorized but unissued shares of Common Stock as will be sufficient to permit the issuance of Common Stock that would be required if all Rights are exercised in full, except as otherwise contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Absence of Manipulation**. The Company shall not take, directly or indirectly, any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the issuance of the Rights or the sale or resale of the Underlying Shares.

Section 4. **Compensation and Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Fees***.* In accordance with the terms of the Engagement Letter, the Company will pay to you, as compensation for your services to the Company hereunder (the "**Fee**"), a fee equal to 5.00% of the gross proceeds received from the sale of the Common Stock in the Rights Offering; provided that the fee shall be reduced to 1.00% of the gross proceeds received from the sale of the Common Stock in the Rights Offering to Bellevue Capital Partners, LLC ("**Bellevue**") and its affiliates, including the New York City Advisors, LLC (the "**Advisor**"), and each of the Company's directors and officers; provided further that the minimum Fee shall be $250,000 if the gross proceeds received from the sale of the Common Stock in the Rights Offering is $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Reimbursement for Expenses**. In accordance with the terms of the Engagement Letter, whether or not any Underlying Shares are subscribed for and purchased pursuant to the Rights Offering, the Company shall reimburse you promptly upon your request for your out-of- pocket, accountable, bona fide expenses actually and reasonably incurred in connection with your services performed in connection with the Rights Offering, including the reasonable documented fees, costs and expenses of your counsel in connection with their representation of you in connection herewith and with the Rights Offering, provided that such reimbursement shall not exceed $50,000 in the aggregate (which limitation, for the avoidance of doubt, shall not apply to or include any fees and expenses of counsel relating to matters covered under Section 7 of this Agreement, the reimbursement of which shall be as set forth in such Section). The Company also agrees to pay all of its fees, costs and expenses incurred by the Company relating to or arising out of the Rights Offering and the negotiation and execution of, and the performance of its obligations under, this Agreement, including, without limiting the generality of the foregoing, (i) all fees and expenses relating to the preparation and printing (including word processing and duplication costs) and filing, mailing and publishing of the Rights Offering Materials (including all exhibits, amendments and supplements thereto), (ii) to the extent required by contract with such persons, all fees and expenses of other persons rendering services on the Company's behalf in connection with the Rights Offering, including the Agents, and all fees and expenses relating to the appointment of such persons, (iii) all advertising charges incurred by the Company in connection with the Rights Offering, including those of any public relations firm or other person or entity rendering services in connection therewith, (iv) all fees, if any, payable to brokers or dealers in securities (including you), banks, trust companies and other financial intermediaries as reimbursement for their customary mailing and handling expenses incurred in forwarding the Rights Offering Materials to their customers, (v) all fees and expenses payable in connection with the registration or qualification of the Securities under state securities or blue sky laws, (vi) all listing fees and any other fees and expenses incurred in connection with the listing on the NYSE of the Underlying Shares, (vii) all "road show" costs (regardless of the form in which the roadshow is conducted) and all out-of-pocket costs of Company and Dealer Manager personnel, including but not limited to, commercial or charter air travel, and local hotel accommodations and transportation, (viii) all costs of background investigations and (ix) the expense and filing fees of the Commission and the Financial Industry Regulatory Authority, Inc. ("**FINRA**") relating to the Rights Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, the Dealer Manager shall not be entitled to any compensation or reimbursement by the Company (whether pursuant to Section 4(a) or 4(b) or otherwise) in connection with this Agreement and the services provided hereunder, other than as specified in the Engagement Letter.

Section 5. **Certain Representations and Warranties by the Company and the Operating Partnership**.

The Company and the Operating Partnership, jointly and severally, represent and warrant and agree with you that as of the date hereof, during the period of the Subscription Period and as of the date when the Underlying Shares are issued to the Rights Holders who exercise the Rights (the "**Settlement Date**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Effectiveness of Registration**. The Registration Statement and any post-effective amendment thereto have been declared effective by the Commission under the Securities Act. The Company has responded to all requests, if any, of the Commission for additional or supplemental information. No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto is in effect and no proceedings for such purpose have been instituted or are pending or, to the best knowledge of the Company, are contemplated or threatened by the Commission. The Company meets the requirements for use of Form S-3 under the Securities Act. Neither the date of this Agreement is, nor will the Settlement Date be, more than three years subsequent to the initial effective date of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Registration Statement, Preliminary Prospectus and Prospectus**. The Company has filed or will have filed at commencement of the Rights Offering the Registration Statement, a Preliminary Prospectus, if applicable, the Prospectus and all other documents required to be filed in connection with the Rights Offering at that time pursuant to the applicable provisions of the Securities Act, the applicable rules and regulations of the Commission and the applicable rules and regulations of other Governmental Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Accuracy of the Rights Offering Materials and Other Materials**. (i) At the respective times the Registration Statement and any post-effective amendment thereto became effective, (ii) at each deemed effective date with respect to the Dealer Manager pursuant to Rule 430B(f)(2) under the Securities Act, (iii) at the first day of the Subscription Period, (iv) at the Settlement Date and (v) at all times during such period as the Prospectus is required by law to be delivered (whether physically, deemed to be delivered pursuant to Rule 153 or through compliance with Rule 172 of the Securities Act or any similar rule) in connection with the sale of the Underlying Shares (the "**Prospectus Delivery Period**"), the Registration Statement complied and will comply in all material respects with the Securities Act, and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. As of the Settlement Date and at all times during the Prospectus Delivery Period, the Prospectus, as amended or supplemented, complied and will comply in all material respects with the Securities Act, and, together with the Rights Offering Materials and Other Materials did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were or will be made, not misleading. The Base Prospectus (including any amendment thereto) complied when so filed in all material respects with the Securities Act, and the Prospectus (including the Base Prospectus included therein) delivered to the Dealer Manager for use in connection with the transactions contemplated by this Agreement is identical to the electronically transmitted copy thereof filed with the Commission on EDGAR, except to the extent permitted by Regulation S-T. The foregoing representations and warranties in this Section 5(c) do not apply to any Dealer Manager Information contained in the Rights Offering Materials and Other Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Distribution of Offering Material**. The Company and its Subsidiaries (as defined below) have not distributed and will not distribute any offering material in connection with the Rights Offering and sale of the Securities hereunder, other than the Rights Offering Materials or any Permitted Free Writing Prospectus (as defined below) reviewed and consented to by the Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Documents Incorporated by Reference***.* The documents incorporated by reference or deemed to be incorporated by reference in the Registration Statement, Preliminary Prospectus and the Prospectus, at the time they were or hereafter are filed with the Commission, conformed and will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and, when read together with the other information in the Prospectus, at the time the Registration Statement and any amendments thereto became effective, at the first day of the Subscription Period, at the Settlement Date and at all times during the Prospectus Delivery Period, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were or will be made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Company Not Ineligible Issuer**. (i) At the time of filing the Registration Statement and any-post effective amendment thereto, (ii) at the earliest time that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act) of shares of Common Stock, and (iii) at the date hereof, the Company was not and is not an "ineligible issuer" (as defined in Rule 405 of the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Free Writing Prospectuses***.* Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any shares of Common Stock by means of any "prospectus" or "free writing prospectus" (in each case within the meaning of the Securities Act) or used any "prospectus" or "free writing prospectus" (in each case within the meaning of the Securities Act) in connection with the offer or sale of the Underlying Shares, and from and after the execution of this Agreement, the Company will not, directly or indirectly, offer or sell any shares of Common Stock by means of any "prospectus" or "free writing prospectus" (in each case within the meaning of the Securities Act) or use any "prospectus" or "free writing prospectus" (in each case within the meaning of the Securities Act) in connection with the offer or sale of the Underlying Shares, other than the Prospectus, as amended or supplemented from time to time in accordance with the provisions of this Agreement, and any "free writing prospectus" as defined in Rule 405 of the Securities Act consented to by the Dealer Manager (a "**Permitted Free Writing Prospectus**"); the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rule 163 or with Rules 164 and 433 under the Securities Act; assuming that any such Permitted Free Writing Prospectus is so sent or given after the Registration Statement was filed with the Commission (and after such Permitted Free Writing Prospectus was, if required pursuant to Rule 433(d) under the Securities Act, filed with the Commission), the sending or giving, by the Dealer Manager, of any Permitted Free Writing Prospectus will satisfy the provisions of Rule 164 or Rule 433 (without reliance on subsections (b), (c) and (d) of Rule 164); the conditions set forth in one or more of subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Securities Act are satisfied, and the Registration Statement relating to the Rights Offering contemplated hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule 433 or Rule 431 under the Securities Act, satisfies the requirements of Section 10 of the Securities Act; the Company is not disqualified, by reason of subsection (f) or (g) of Rule 164 under the Securities Act, from using, in connection with the Rights Offering, "free writing prospectuses" (as defined in Rule 405 under the Securities Act) pursuant to Rules 164 and 433 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Due Incorporation; Subsidiaries**. (i) The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland, with full corporate power and authority to own, lease and operate its properties and conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and, in the case of the Company and the Operating Partnership to execute and deliver this Agreement and to issue the Rights and to issue, sell and deliver the Underlying Shares as contemplated herein; (ii) the Company is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction where the ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified and in good standing would not, individually or in the aggregate, (A) have a material adverse effect on the business, properties, financial condition, results of operations or prospects of the Company and the Subsidiaries (as defined below) taken as a whole, or (B) prevent or materially interfere with consummation of the transactions contemplated hereby (the occurrence of any such effect or any such prevention or interference or any such result described in the foregoing clauses (A) and (B) being herein referred to as a "**Material Adverse Effect**"); and (iii) as of the date of this Agreement, the Company has no subsidiaries (as defined under the Securities Act) other than those subsidiaries listed on <u>Exhibit A</u> hereto (collectively, the "**Subsidiaries**"). Each direct and indirect Subsidiary has been duly formed and is validly existing as a corporation, limited liability company or limited partnership, as the case may be, in good standing under the laws of the jurisdiction in which it is chartered or organized with full power and authority (corporate or other) to own, lease and operate its properties and conduct its business as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and is duly qualified to do business as a foreign corporation, limited liability company or limited partnership, as the case may be, and is in good standing under the laws of each jurisdiction which requires such qualification, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Capitalization***.* The authorized, issued and outstanding capital stock of the Company, including the Common Stock, is as set forth in the Registration Statement and the Prospectus. The Underlying Shares have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, first refusal rights or similar rights; the Underlying Shares, when issued and delivered against payment therefor as provided herein, will be free of any restriction upon the voting or transfer thereof pursuant to the Company's charter or bylaws or any agreement or other instrument to which the Company is a party other than the restrictions on ownership and transfer set forth in the Company's charter. The capital stock of the Company, including the shares of Common Stock, conforms in all material respects to each description thereof, if any, contained or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus; and the certificates for the shares of Common Stock, if any have been issued, are in due and proper form. The description of the Common Stock included or incorporated by reference in the Registration Statement and the Prospectus is complete and accurate in all material respects. Except as described in the Registration Statement and the Prospectus, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or any contracts or commitments to issue or sell, any shares of capital stock of the Company or of any Subsidiary of the Company or any such warrants, convertible securities or obligations. All of the issued and outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable, have been issued in compliance with all applicable securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right; the Underlying Shares are duly listed, and admitted and authorized for trading, subject to official notice of issuance, on the NYSE. The Common Stock has been registered pursuant to Section 12(b) of the Exchange Act. All the outstanding shares of capital stock or other ownership interests of each direct and indirect Subsidiary of the Company (other than the Operating Partnership) have been duly and validly authorized and issued and are fully paid and non-assessable, except as would not reasonably be expected to have a Material Adverse Effect, and, except as otherwise set forth in the Registration Statement and the Prospectus, all outstanding shares of capital stock or other ownership interests of each direct and indirect Subsidiary of the Company (other than the Operating Partnership) are owned by the Company or the Operating Partnership either directly or through wholly-owned Subsidiaries free and clear of any perfected security interest or any other security interests, claims, mortgages, pledges, liens, encumbrances or other restrictions of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Units of the Operating Partnership**. All of the issued and outstanding Units have been duly and validly authorized and issued by the Operating Partnership. None of the Units was issued in violation of the preemptive or other similar rights of any security holder of the Operating Partnership or any other person or entity. Except as set forth in the Registration Statement and the Prospectus, there are no outstanding options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities or interests for, Units or other ownership interests of the Operating Partnership. The Units owned by the Company or the Advisor are owned directly by the Company or the Advisor, as applicable, free and clear of any perfected security interest or any other security interests, claims, mortgages, pledges, liens, encumbrances or other restrictions of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Rights**. The Rights conform in all material respects to the description thereof contained in the Registration Statement and Prospectus, have been duly authorized for issuance, and, when issued in accordance with such authorization, will constitute a legal, valid and binding obligation of the Company and will be enforceable against the Company in accordance with their terms, except that such enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws now or hereafter in effect relating to creditors' rights generally, general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and concepts of good faith and fair dealing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Financial Statements***.* The financial statements included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, together with the related notes and schedules, present fairly the consolidated financial position of the Company and the Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders' equity of the Company and the Subsidiaries for the periods specified and have been prepared in compliance with the applicable requirements of the Securities Act and Exchange Act and in conformity with U.S. generally accepted accounting principles ("**GAAP**") applied on a consistent basis during the periods involved; all pro forma financial statements or data, if any, included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus comply with the applicable requirements of the Securities Act and the Exchange Act, and the assumptions used in the preparation of such pro forma financial statements and data are reasonable, the pro forma adjustments used therein are appropriate to give effect to the transactions or circumstances described therein and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements and data; the other financial and statistical data contained or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are accurately and fairly presented and prepared on a basis consistent with the financial statements and books and records of the Company and the Subsidiaries; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement or the Prospectus that are not included or incorporated by reference as required; neither the Company nor any of the Subsidiaries has any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), required to be disclosed in the Registration Statement, not described in the Registration Statement (excluding the exhibits thereto) and the Prospectus; and all disclosures contained or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Independent Accountants***.* PricewaterhouseCoopers LLP, whose report on the consolidated financial statements of the Company and the Subsidiaries as of December 31, 2021 and for each of the years in the three-year period ended December 31, 2021 is included or incorporated by reference in the Registration Statement and the Prospectus, are independent registered public accountants as required by the Securities Act and by the rules of the Public Company Accounting Oversight Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **No Material Adverse Effect**. Subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, and except as disclosed in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectus, if any, there has not been (i) any material adverse change, or any development involving a prospective material adverse change, in the business, properties, management, financial condition or results of operations or prospects of the Company and the Subsidiaries taken as a whole, (ii) any transaction which is material to the Company and the Subsidiaries taken as a whole except for the transactions contemplated by this Agreement and the Rights Offering, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material change in the capital stock or outstanding indebtedness of the Company or any Subsidiaries or (v) any dividend or other distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Investment Company***.* Neither the Company nor any Subsidiary is required, nor, after giving effect to the Rights Offering and the sale of the Underlying Shares and the application of the proceeds thereof as described in the Registration Statement, the Prospectus and the Permitted Free Writing Prospectuses, if any, will be required, to be registered as an "investment company" or an entity "controlled" by an "investment company," as such terms are defined in the Investment Company Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Litigation***.* There are no actions, suits, claims, investigations or proceedings pending or, to the Company's knowledge, threatened, to which the Company or any of the Subsidiaries or any of their respective directors or officers is or would be a party or of which any of their respective properties is or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or before or by any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, the NYSE) ("**Governmental Entities**"), except any such action, suit, claim, investigation or proceeding which, if resolved adversely to the Company or any Subsidiary, would not, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **Necessary Licenses, Compliance with Laws and Regulations and Performance of Obligations and Contracts***.* Each of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any applicable law, regulation or rule, and has obtained all necessary licenses, authorizations, consents and approvals from other persons, in order to conduct their respective businesses, except where failure to obtain or maintain such licenses, authorizations, consents or approvals or make such filings would not, individually or in the aggregate, have a Material Adverse Effect; neither the Company nor any of the Subsidiaries is in violation of, or in default under, or has received notice of any proceedings relating to revocation or modification of, any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of the Subsidiaries, except where such violation, default, revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect. The execution, delivery and performance of this Agreement, the issuance and sale of the Underlying Shares and the consummation of the transactions contemplated hereby will not conflict with, result in any breach or violation of or constitute a default under (nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or imposition of a lien, charge or encumbrance on any property or assets of the Company or any Subsidiary pursuant to) (i) the charter or bylaws, the limited liability company agreements, the partnership agreements or other organizational documents of the Company or any of the Subsidiaries, or (ii) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Company or any of the Subsidiaries is a party or by which any of them or any of their respective properties may be bound or affected, or (iii) any federal, state, local or foreign law, regulation or rule, or (iv) any rule or regulation of any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, the rules and regulations of the NYSE), or (v) any decree, judgment or order applicable to the Company or any of the Subsidiaries or any of their respective properties, except for any of the foregoing in (ii), (iii), (iv) or (v) as would not, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **No Consent of Governmental Body Needed***.* No approval, authorization, consent or order of or filing with any Governmental Entity, or approval of the stockholders of the Company, is required in connection with the issuance of the Rights, the issuance and sale of the Underlying Shares or the consummation by the Company of the transactions contemplated hereby, other than (i) registration of the Underlying Shares under the Securities Act, which has been or will be effected, (ii) any necessary notice or qualification under the securities or blue sky laws of the various jurisdictions in which the Underlying Shares are being offered by the Dealer Manager, (iii) such approvals as have been or will be obtained in connection with the authorization of the Underlying Shares for listing on the NYSE or (iv) under the Conduct Rules of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **Agreement Duly Authorized and No Breach of Obligations or Charter***.* The Company and the Operating Partnership have full power and authority to enter into this Agreement. This Agreement has been duly authorized, executed and delivered by the Company and the Operating Partnership. This Agreement constitutes a valid and binding agreement of the Company and the Operating Partnership and is enforceable against the Company and the Operating Partnership in accordance with its terms, except as the enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization and similar laws affecting creditors' rights generally and moratorium laws in effect from time to time and by equitable principles restricting the availability of equitable remedies. Except as described in the Registration Statement and the Prospectus, neither the Company nor any of the Subsidiaries is in breach or violation of or in default under (nor has any event occurred which, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness) (i) its charter or bylaws, limited liability company agreement, partnership agreement or other organizational document, as applicable, or (ii) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which it is a party or by which it or any of its properties may be bound or affected, or (iii) any federal, state, local or foreign law, regulation or rule, or (iv) any rule or regulation of any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, the rules and regulations of the NYSE), or (v) any decree, judgment or order applicable to it or any of its properties, except for any of the foregoing in (ii), (iii), (iv) or (v) as would not, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **Title to Real and Personal Property***.* The Company and each of the Subsidiaries have good and marketable title to all property (real and personal) described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as being owned by any of them, free and clear of all liens, claims, security interests or other encumbrances; all the property described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as being held under lease by the Company or a Subsidiary is held thereby under valid, subsisting and enforceable leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **Documents Described in Registration Statement***.* Except as described in the Registration Statement and Prospectus, neither the Company nor any Subsidiary has sent or received any communication regarding termination of, or intent not to renew, any of the material contracts or agreements referred to or described in the Prospectus or any Permitted Free Writing Prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement or any document incorporated, or deemed to be incorporated, by reference therein, and no such termination or non-renewal has been threatened by the Company or any Subsidiary or, to the Company's knowledge, any other party to any such contract or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **No Untrue Statement; Statistical and Market Data***.* All statistical or market-related data included or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus are based on or derived from sources that the Company believes to be reliable and accurate, and the Company has obtained the written consent to the use of such data from such sources to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **No Price Stabilization or Manipulation***.* Neither the Company nor any of its directors, officers or controlling persons has taken, directly or indirectly, any action intended to cause or result in, or which might reasonably be expected to cause or result in, or which has constituted, stabilization or manipulation, under the Securities Act or otherwise, of the price of any security of the Company to facilitate the sale or resale of the Underlying Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **No Registration Rights***.* Except as described in the Registration Statement and the Prospectus, (i) no person has the right, contractual or otherwise, to cause the Company to issue or sell to it any shares of Common Stock or shares of any other capital stock or other equity interests of the Company and the Operating Partnership, (ii) no person has any preemptive rights, resale rights, rights of first refusal or other rights to purchase any shares of Common Stock or shares of any other capital stock of or other equity interests in the Company and the Operating Partnership and (iii) no person has the right to act as an underwriter, agent, or financial advisor to the Company or in any similar capacity in connection with the offer and sale of the Underlying Shares (except for the Dealer Manager); no person has the right, contractual or otherwise, to cause the Company to register under the Securities Act any shares of Common Stock or shares of any other capital stock of or other equity interests in the Company and the Operating Partnership, or to include any such shares or interests in the Registration Statement or any offering contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **No Affiliations***.* To the Company's and the Operating Partnership's knowledge, there are no affiliations or associations between (i) any member of FINRA and (ii) the Company or any of the Company's officers, directors or 5% or greater security holders or any beneficial owner of the Company's unregistered equity securities that were acquired at any time on or after the 180th day immediately preceding the date the Registration Statement was initially filed with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **No Similar Arrangements**. The Company has not entered into any other sales agency or distribution agreements or similar arrangements with any agent or other representative similar in nature to this Agreement for the offer and sale of the Underlying Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **Taxes***.* All income and other material foreign, federal, state and local tax returns that are filed or required to be filed by the Company or any of the Subsidiaries have been timely filed (taking into account any extension of time within which to file such tax returns), and all such returns are true, complete and accurate in all material respects. All material foreign, federal, state and local taxes and other assessments of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been timely paid, other than those being contested in good faith which have not been finally determined and for which adequate reserves have been provided in accordance with GAAP, or that would not be required to be disclosed in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **Insurance***.* The Company and each of the Subsidiaries maintain insurance covering their respective properties, operations, personnel and businesses as the Company reasonably deems adequate; such insurance insures against such losses and risks to an extent which is adequate in accordance with customary industry practice to protect the Company and the Subsidiaries and their respective businesses; all such insurance is fully in force on the date hereof and will be fully in force at the first day of the Subscription Period and the Settlement Date; neither the Company nor any Subsidiary has reason to believe that it will not be able to renew any such insurance as and when such insurance expires. Neither the Company nor any of the Subsidiaries has sustained since the date of the last audited consolidated financial statements of the Company included or incorporated by reference in the Registration Statement and the Prospectus any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, except as would not, individually or in the aggregate, be expected to have a Material Adverse Effect; and the Company has obtained or will obtain directors' and officers' insurance in such amounts as is customary for companies engaged in the type of business conducted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **Labor Laws; Absence of Labor Dispute**. Neither the Company nor any of the Subsidiaries is engaged in any unfair labor practice; except for matters which would not, individually or in the aggregate, have a Material Adverse Effect, (i) there is (A) no unfair labor practice complaint pending or, to the Company's or the Operating Partnership's knowledge, threatened against the Company or any of the Subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or, to the Company's or the Operating Partnership's knowledge, threatened, (B) no strike, labor dispute, slowdown or stoppage pending or, to the Company's or the Operating Partnership's knowledge, threatened against the Company or any of the Subsidiaries and (C) no union representation dispute currently existing concerning the employees of the Company or any of the Subsidiaries, (ii) to the Company's or the Operating Partnership's knowledge, no union organizing activities are currently taking place concerning the employees of the Company or any of the Subsidiaries and (iii) there has been no violation of any federal, state, local or foreign law relating to discrimination in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision of the Employee Retirement Income Security Act of 1974 or the rules and regulations promulgated thereunder concerning the employees of the Company or any of the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **Title to Intellectual Property**. The Company and the Subsidiaries own or possess or have the right to use sufficient trademarks, trade names, patent rights, copyrights, domain names, licenses, approvals, trade secrets and other similar rights (collectively, "**Intellectual Property**") reasonably necessary to conduct their businesses as now conducted. Neither the Company nor any of the Subsidiaries has received any notice of infringement or conflict with asserted Intellectual Property of others. The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property rights of any other person or entity that are required to be described in the Registration Statement or the Prospectus and are not described therein. None of the technology employed by the Company or any of the Subsidiaries has been obtained or is being used by the Company or any of the Subsidiaries in violation of any contractual obligation binding on the Company or any of the Subsidiaries or any of its or the Subsidiaries' officers, directors or employees or otherwise in violation of the rights of any persons, except for such violations that would not, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **Real Estate Investment Trust***.* Commencing with the Company's taxable year ended on December 31, 2014 and through the Company's taxable year ended on December 31, 2022, the Company was organized in conformity with the requirements for qualification and taxation as a REIT under the Code, and its actual method of operation through its taxable year ended on December 31, 2022 enabled it to meet the requirements for qualification and taxation as a REIT under the Code and all applicable regulations under the Code for its taxable year ended December 31, 2022; all statements in the Registration Statement and the Base Prospectus under the caption "Material U.S. Federal Income Tax Considerations," regarding its qualification and taxation as a REIT are correct in all material respects. The Operating Partnership has been and will be taxed as a partnership or as a "disregarded entity" (within the meaning of Treasury Regulation Section 301.7701-2(c)(2)(i)) and not as an association or publicly traded partnership (within the meaning of Section 7704) subject to tax as a corporation, for U.S. federal income tax purposes beginning with its first taxable year; the Company does not know of any event that would cause or would reasonably be expected to cause the Operating Partnership to cease being taxed as a partnership or as a "disregarded entity" (within the meaning of Treasury Regulation Section 301.7701-2(c)(2)(i)) for U.S. federal income tax purposes, and the Company does not know of any event that would cause or would reasonably be expected to cause the Operating Partnership to be treated as an association or publicly traded partnership subject to tax as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **Internal Accounting Controls***.* Except as described in the Registration Statement and Prospectus, the Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) **Related Party Transactions***.* There is no relationship, direct or indirect, that exists between or among the Company or any of the Subsidiaries on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or any of the Subsidiaries on the other hand, which is required by the Securities Act to be described in the Registration Statement or the Prospectus, which is not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **Environmental Matters***.* The Company and the Subsidiaries and their respective properties, assets and operations are in compliance with, and the Company and each of the Subsidiaries hold all permits, authorizations and approvals required under, Environmental Laws (as defined below), except to the extent that failure to so comply or to hold such permits, authorizations or approvals would not, individually or in the aggregate, have a Material Adverse Effect; except as would not, individually or in the aggregate, be expected to have a Material Adverse Effect, there are no past, present or, to the Company's or the Operating Partnership's knowledge, reasonably anticipated future events, conditions, circumstances, activities, practices, actions, omissions or plans that could reasonably be expected to give rise to any costs or liabilities to the Company or any Subsidiary under, or to interfere with or prevent compliance by the Company or any Subsidiary with, Environmental Laws; except as would not, individually or in the aggregate, have a Material Adverse Effect, neither the Company nor any of the Subsidiaries (i) is, to the Company's or the Operating Partnership's knowledge, the subject of any investigation, (ii) has received any notice or claim, (iii) is a party to or affected by any pending or, to the Company's or the Operating Partnership's knowledge, threatened action, suit or proceeding, (iv) is bound by any judgment, decree or order or (v) has entered into any agreement, in each case relating to any alleged violation of any Environmental Law or any actual or alleged release or threatened release or cleanup at any location of any Hazardous Materials (as defined below) (as used herein, "**Environmental Law**" means any federal, state or local law, statute, ordinance, rule, regulation, order, decree, judgment or injunction, or common law, relating to the protection, cleanup or restoration of the environment or natural resources, including those relating to the distribution, processing, generation, treatment, storage, disposal, transportation, other handling or release or threatened release of Hazardous Materials, and "**Hazardous Materials**" means any material (including, without limitation, pollutants, contaminants, hazardous or toxic substances or wastes) that is regulated by or may give rise to liability under any Environmental Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **No Prohibition on Subsidiaries from Paying Dividends or Making Other Distributions***.* No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's capital stock or equity interests, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company, except as described in the Registration Statement (excluding the exhibits thereto) and the Prospectus, and except as such limitations would not, taken as a whole, be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) **Disclosure Controls and Procedures***.* The Company has established and maintains and evaluates "disclosure controls and procedures" (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) and "internal control over financial reporting" (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company and the Subsidiaries, is made known to the Company's Chief Executive Officer and its Chief Financial Officer by others within those entities, and, except as described in the Registration Statement and Prospectus, such disclosure controls and procedures are effective to perform the functions for which they were established; the Company's independent auditors and the Audit Committee of the Company's board of directors have been advised of: (i) all significant deficiencies, if any, in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data; and (ii) all fraud, if any, whether or not material, that involves management or other employees who have a role in the Company's internal controls; except as described in the Registration Statement and Prospectus, since the date of the most recent evaluation of such disclosure controls and procedures and internal controls, there has been no other material weakness in the Company's internal control over financial reporting and no significant changes in internal controls or in other factors that could significantly affect internal controls; the principal executive officers (or their equivalents) and principal financial officers (or their equivalents) of the Company have made all applicable certifications required by the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**") and any related rules and regulations promulgated by the Commission, and the statements contained in each such certification are complete and correct; the Company, the Subsidiaries and the Company's directors and officers are each in compliance in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission and the NYSE promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) **No Unlawful Contributions or Payments***.* Neither the Company nor any of its Subsidiaries, nor any director or officer of the Company or its Subsidiaries, nor, to the knowledge of the Company, any agent, employee or representative of the Company or its Subsidiaries, affiliate or other person associated with or acting on behalf of the Company or its Subsidiaries, has: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment of corporate funds or benefit to any foreign or domestic government or regulatory official or employee, including, without limitation, of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations, the U.K. Bribery Act 2010, as may be amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offense under any other applicable anti-bribery or anti-corruption laws; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company has instituted, maintained and enforced, and will continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) **Compliance with Anti-Money Laundering Laws***.* The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA Patriot Act), and the applicable money laundering statutes of all jurisdictions in which the Company and its Subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental or regulatory agency (collectively, the "**Money Laundering Laws**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or its Subsidiaries with respect to the Money Laundering Laws is pending or, to the Company's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) **No Conflicts with Sanctions Laws**. Neither the Company nor any of its Subsidiaries, nor any director or officer of the Company or its Subsidiaries, nor, to the knowledge of the Company, any agent, employee or representative of the Company or its Subsidiaries, affiliate or other person associated with or acting on behalf of the Company or its Subsidiaries is currently the subject or target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**") or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union, Her Majesty's Treasury or other relevant sanctions authority (collectively, "**Sanctions**"), nor is the Company or any of its Subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Sudan, Syria, Crimea, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic (each, a "**Sanctioned Country**"); and the Company will not directly or indirectly use the proceeds of the offering of the Underlying Shares hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as agent, principal, advisor, investor or otherwise) of Sanctions. For the past five years, the Company and its Subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) **Brokers and Finders***.* Except pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for any finder's or broker's fee or agent's commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or by the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) **Forward-Looking Statements***.* Each "forward-looking statement" (within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus has been made with a reasonable basis and in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) **No Indebtedness***.* Except as described in the Registration Statement (excluding the exhibits thereto) and the Prospectus, there are no outstanding loans, extensions of credit or advances or guarantees of indebtedness by the Company or any of the Subsidiaries to or for the benefit of any of the officers or directors of the Company or any of the Subsidiaries or any of the members of the families of any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) **Advisory Agreement***.* The Second Amended and Restated Advisory Agreement, dated as of November 16, 2018, by and among the Company, the Operating Partnership and the Advisor and all amendments thereto have been duly authorized, executed and delivered by the Company, and it is a legal, valid and binding agreement of the Company enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally, and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) **Lending Relationships***.* Except as disclosed in the Registration Statement (excluding the exhibits thereto) and the Prospectus, neither the Company nor any of the Subsidiaries has any lending or similar relationship with the Dealer Manager or any bank or other lending institution affiliated with the Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) **Transfer Taxes***.* There are no stock or other transfer taxes, stamp duties, capital duties or other similar duties, taxes or charges payable in connection with the execution or delivery of this Agreement or the issuance or sale by the Company of the Underlying Shares to be sold by the Company to the Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) **Cybersecurity**. (i)(x) Except as disclosed in the Registration Statement and the Prospectus, to the knowledge of the Company, there has been no security breach or other compromise of or relating to any of the Company's or any of the Subsidiaries' information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively, "**IT Systems and Data**") and (y) the Company has not been notified of, and has no knowledge of, any event or condition that would reasonably be expected to result in, any security breach or other compromise to its IT Systems and Data; (ii) the Company and each of the Subsidiaries is presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse Effect; and (iii) the Company and each of the Subsidiaries has implemented backup and disaster recovery technology consistent with industry standards and practices for their businesses.

In addition, any certificate signed by any officer of the Company or any of the Subsidiaries and delivered to the Dealer Manager or counsel for the Dealer Manager in connection with the offering of the Underlying Shares shall be deemed to be a representation and warranty by the Company as to matters covered thereby to the Dealer Manager.

Section 6. **Conditions of Obligation**.

Your obligation to act as Dealer Manager hereunder will at all times be subject to the conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Bring-Down of Representations and Warranties**. All representations and warranties of the Company and the Operating Partnership contained in Section 5 of this Agreement are, as of the date of this Agreement, and shall be, as of the Settlement Date, true and correct as if made at such times, except to the extent such representation or warranty speaks as of a specific date, in which case, such representation or warranty was true and correct as of such specific date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Compliance with Covenants**. The Company at all times during the Rights Offering will have performed, in all material respects, all of its covenants, agreements and other obligations required to be performed under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Effectiveness of Registration Statement**. No stop order suspending the effectiveness of the Registration Statement shall be in effect, and, to the knowledge of the Company, no proceedings for such purposes shall be pending before or threatened by the Commission. A prospectus for the Rights Offering containing the Rule 430B Information (as defined below) shall have been filed with the Commission in the manner and within the time period required by Rule 424(b) without reliance on Rule 424(b)(8). "**Rule 430B Information**" means information with respect to the Securities and the offering thereof permitted to be omitted from the Registration Statement when it becomes effective pursuant to Rule 430B but that is deemed to be part of the Registration Statement at the time it becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Compliance with Federal and State Law, Rule and Regulation**. It shall not have become unlawful under any law, rule or regulation, Federal, state or local, for you to render services pursuant to this Agreement, or to continue so to act, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Approval for Listing and Trading**. On or prior to the Settlement Date, the NYSE shall have approved the Underlying Shares for listing, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **FINRA No Objection**. FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the terms and arrangements of the Rights Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Opinions and Negative Assurance Letter***.* On each of the first day of the Subscription Period and the Settlement Date, each dated the date of the delivery thereof, the Company shall have caused to be delivered to you (i) a signed opinion from Proskauer Rose LLP, as counsel for the Company, in substantially the form set forth in <u>Exhibit B</u>, (ii) a signed opinion from Venable LLP, as counsel for the Company, in substantially the form set forth in <u>Exhibit C</u>, (iii) a signed opinion from Proskauer Rose LLP, as tax counsel for the Company, in substantially the form set forth in <u>Exhibit D</u>, and (iv) a signed negative assurance letter, in substantially the form set forth in <u>Exhibit E</u>, from Proskauer Rose LLP, as counsel for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Comfort Letter**. On the first day of the Subscription Period, dated the date of delivery thereof, the Dealer Manager shall have received from PricewaterhouseCoopers LLP a letter, in form and substance reasonably satisfactory to the Dealer Manager, containing statements and information of the type ordinarily included in accountants' "comfort letters" to dealer managers with respect to financial information audited or reviewed by PricewaterhouseCoopers LLP that is contained in the Prospectus. On the Settlement Date, the Dealer Manager shall receive from PricewaterhouseCoopers LLP a letter, in form and substance reasonably satisfactory to the Dealer Manager, reaffirming the statements made in the letter referred to in the foregoing sentence. The "cut-off date" for any letter delivered hereunder shall be a date not more than two business days prior to the relevant date of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Officers' Certificates***.* The Company will have furnished or caused to be furnished to you, on each of the first day of the Subscription Period and the Settlement Date, a certificate of the Chief Executive Officer or Chief Financial Officer of the Company, on behalf of the Company, for itself, and, in the Company's capacity as the sole general partner of the Operating Partnership, on behalf of the Operating Partnership, that, as of such date (as if made on such date), (i) all representations and warranties of the Company and the Operating Partnership contained in Section 5 are true and correct, except to the extent such representation or warranty speaks as of a specific date, in which case, such representation or warranty was true and correct as of such specific date, (ii) the Company performed, in all material respects, all of its covenants, agreements and other obligations required to be performed under this Agreement as of such date and (iii) no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto under the Securities Act has been issued, no notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto has been received by the Company, no order preventing or suspending the use of the Prospectus or any amendment or supplement thereto has been issued and no proceedings for any of those purposes have been instituted or are pending or, to officer's knowledge, contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Additional Documents and Certificates**. Your counsel shall have been furnished with an incumbency certificate and secretary's certificate containing customary certifications.

Section 7. **Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Indemnification of the Dealer Manager**. The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold you and your directors, officers, employees, counsel and agents and each person, if any, who controls you within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the "**DM Indemnified Persons**") harmless against any losses, damages, liabilities or claims (or actions in respect thereof) to which any DM Indemnified Person may become subject, under the Securities Act, Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (including, without limitation, any and all investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third party, or otherwise, or any claim asserted) (A) arise out of or are based upon any untrue statement, or alleged untrue statement, of a material fact contained in the Rights Offering Materials or any Other Materials, including the Registration Statement, the Preliminary Prospectus and the Prospectus, or any of the documents incorporated by reference therein, or in any amendment or supplement to any of the foregoing, or arise out of or are based upon the omission, or alleged omission, to state therein a material fact necessary to make the statements therein, other than in the case of the Registration Statement, in light of the circumstances under which they were made, not misleading or (B) arise out of or are based upon a withdrawal, rescission, termination or modification of or a failure by the Company to make or consummate the Rights Offering except to the extent any such withdrawal, rescission, termination or modification have been determined in a final and non-appealable judgment by a court of competent jurisdiction to have resulted from your gross negligence or willful misconduct; provided that that the Company and the Operating Partnership shall not be liable to the extent that such losses, claims, damages, liabilities or expenses arise from any untrue statement or omission made in the Rights Offering Materials or any Other Materials, including the Registration Statement, the Preliminary Prospectus and the Prospectus, or any of the documents incorporated by reference therein, or in any amendment or supplement to any of the foregoing, in reliance upon and in conformity with written information furnished to the Company by you expressly for use therein (the "**Dealer Manager Information**"); provided further, however, in no event shall the Company and the Operating Partnership have any obligation to indemnify any DM Indemnified Person for any losses, claims, damages or liabilities arising out of or based upon the use of any Rights Offering Materials, Other Materials or other soliciting information concerning the Rights Offering or the Company that were not authorized for such use by the Company. For purposes of this Agreement, the only Dealer Manager Information shall be the following information in the Prospectus: (i) the Dealer Manager's name and address and (ii) the first sentence of the first paragraph under the caption "Plan of Distribution."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Indemnification of the Company and Operating Partnership**. The Dealer Manager agrees to indemnify and hold the Company and the Operating Partnership, their agents, each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, each director of the Company and each officer of the Company who signs the Registration Statement (collectively, the "**Company Indemnified Persons**") harmless to the same extent as the foregoing indemnity in Section 7(a) from the Company and the Operating Partnership to the Dealer Manager, but only insofar as losses, claims, damages, liabilities or expenses arise out of or are based on any untrue statement or omission or alleged untrue statement or omission made in reliance on and in conformity with Dealer Manager Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Notification; Procedures**. Promptly after receipt by a DM Indemnified Person or Company Indemnified Person (each, an "**Indemnified Person**") of notice of its involvement in any action, proceeding or investigation, such Indemnified Person shall, if a claim in respect thereof is to be under subsection (a) or (b) of this Section 7, notify the indemnifying party in writing of such involvement. To the extent that it elects, by delivering written notice to the Indemnified Person promptly after receiving notice of the commencement of the action, proceeding or investigation from the Indemnified Person, the indemnifying party may elect to assume the defense of any such action, proceeding or investigation, with counsel reasonably satisfactory to the relevant Indemnified Person, and an Indemnified Person may employ counsel to participate in the defense of any such action provided, that the employment of such counsel shall be at the Indemnified Person's own expense, unless (i) the employment of such counsel has been authorized in writing by the indemnifying party, (ii) the Indemnified Person has reasonably concluded (based upon advice of counsel to the Indemnified Person) that there may be legal defenses available to it or other Indemnified Persons that are different from or in addition to those available to the indemnifying party, or that a conflict or potential conflict exists (based upon advice of counsel to the Indemnified Person) between the Indemnified Person and the indemnifying party that makes it impossible or inadvisable for counsel to the indemnifying party to conduct the defense of both the indemnifying party and the Indemnified Person (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the Indemnified Person), or (iii) the indemnifying party has not in fact employed counsel reasonably satisfactory to the Indemnified Person to assume the defense of such action within a reasonable time after receiving notice of the action, suit or proceeding, in each of which cases the reasonable fees, disbursements and other charges of such counsel will be at the expense of the indemnifying party; provided, further, that it is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate counsel (in addition to any local counsel) at any one time for all such Indemnified Persons. Any failure or delay by an Indemnified Person to give the notice referred to in this paragraph shall not affect such Indemnified Person's right to be indemnified hereunder, except to the extent that such failure or delay causes actual harm to the indemnifying party, or prejudices its ability to defend such action, suit or proceeding on behalf of such Indemnified Person. All such fees, disbursements and other charges shall be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party shall not be liable for any settlement of any action or claim effected without its written consent (which consent will not be unreasonably withheld or delayed). No indemnifying party shall, without the prior written consent of each Indemnified Person, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 7 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each Indemnified Person from all liability arising or that may arise out of such claim, action or proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. Notwithstanding the foregoing, if at any time an Indemnified Person shall have requested an indemnifying party to reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this Section 7(c), the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such Indemnified Person in accordance with such request prior to the date of such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Contribution**. If for any reason the indemnification provided for in subsection (a) or (b) of this Section 7 is unavailable or insufficient, then the indemnifying party shall contribute to the amount paid or payable by it as a result of such loss, damage, expense, liability or claim (or action in respect thereof) referred to therein in such proportion as is appropriate to reflect the relative benefits to the Company and the Operating Partnership, on the one hand, and the Dealer Manager, on the other hand, in the matters contemplated by this Agreement, provided that the Dealer Manager shall not be obligated to contribute an amount in excess of the fees actually received by it pursuant to Section 4(a) of this Agreement. The relative benefits of the Company and the Operating Partnership, on the one hand, and the Dealer Manager, on the other hand, in the matters contemplated by this Agreement shall be deemed to be in the same proportion as (i) the total net proceeds to the Company pursuant to the Rights Offering (whether or not the Rights Offering is consummated) bears to (ii) the fees actually received by the Dealer Manager from the Company in connection with its engagement hereunder (excluding any amounts paid as reimbursement of expenses). If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company and the Operating Partnership, on the one hand, and the Dealer Manager, on the other hand, with respect to the statements or omissions which resulted in such loss, damage, expense, liability or claim (or action in respect thereof) as well as any other relevant equitable considerations with respect to the Rights Offering. The relative fault of the Company and the Operating Partnership on the one hand and you on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by, or relating to, the Company, the Operating Partnership and their affiliates and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company, the Operating Partnership and you agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this subsection (d). The foregoing rights to indemnity and contribution shall be in addition to any other rights the Indemnified Persons may have at common law or otherwise. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this subsection (d), any person who controls a party to this Agreement within the meaning of the Exchange Act will have the same rights to contribution as that party, and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this subsection (d), will notify any such party from whom contribution may be sought, but the omission so to notify will not relieve the party from whom contribution may be sought from any other obligation it may have under this subsection (d). No party will be liable for contribution with respect to any action or claim settled without its written consent (which consent will not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Survival***.* The obligations of the Company and the Operating Partnership under this Section 7 shall be in addition to any liability which the Company and the Operating Partnership may otherwise have and shall extend, upon the same terms and conditions, to any affiliate of the Dealer Manager and each person, if any, who controls the Dealer Manager or any such affiliate within the meaning of the Exchange Act; and the obligations of the Dealer Manager under this Section 7 shall be in addition to any liability which it may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company and to each person, if any, who controls the Company within the meaning of the Exchange Act.

Section 8. **Termination; Survival**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement may be terminated by the Dealer Manager at any time upon written notice to the Company if (A) any of the conditions specified in Section 6 hereof shall not have been fulfilled at the time they are required to be fulfilled by such Section 6, (B) trading in securities generally on the NYSE, the Nasdaq Global Market, the NYSE American, or in the OTCQB, or trading in any securities of the Company on any exchange or in the over-the-counter market, shall have been suspended or minimum prices shall have been established on any such exchanges or such market by the Commission, such exchange or by any other regulatory body or governmental authority, (C) a banking moratorium shall have been declared by U.S. federal or New York authorities, (D) there shall have occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a similar national emergency or war by the United States or there shall have been any other calamity or crisis or any change in political, financial or economic conditions of the United States as to make it, in the reasonable judgment of the Dealer Manager, inadvisable or impracticable to solicit exercises of the Rights or perform any other of its obligations hereunder, or (E) there shall have occurred such a material adverse change in general economic, political or financial conditions (or the effect of international conditions on the financial markets in the United States shall be such) as to make it, in the reasonable judgment of the Dealer Manager, inadvisable or impracticable to solicit exercises of the Rights or perform any other of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement shall expire automatically
 upon the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Dealer Manager may withdraw as dealer manager in connection with the Rights Offering and this Agreement shall automatically terminate, in the event that (A) the Company uses or permits the use of any Rights Offering Materials or Other Materials in connection with the Rights Offering or files any such material with the Commission or any other agency without your prior approval (which such approval shall not have been unreasonably withheld, conditioned or delayed), in each case in violation of Section 3(b), (B) the Company breaches in any material respect its representations, warranties, agreements or covenants herein or in the Engagement Letter, or failed to perform in any material respect its obligations herein or in the Engagement Letter or (C) the Company amends any material term of the Rights Offering without your prior consent (which such consent shall not have been unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This Agreement may be terminated by the Company at any time upon written notice to the Dealer Manager if (A) the Dealer Manager's license or registration to act as a broker-dealer is revoked or suspended by FINRA, the Commission or any other regulatory agency or the Dealer Manager is otherwise prohibited from making solicitations in respect of the Securities in any U.S. state or territory for regulatory or other reasons, or (B) the Dealer Manager or any of its affiliates acts with fraud, willful misconduct or gross negligence in the performance of its obligations under this Agreement or otherwise breaches any material term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Survival**. The agreements and indemnities contained in Sections 7 and 9 and this Section 8 and the representations and warranties of the Company set forth in Section 5 hereof shall survive any termination or expiration of this Agreement in accordance with Section 8(a), any completion of the engagement provided by this Agreement, and any investigation made by or on behalf of you, any of your officers or partners or any person controlling you. The provisions of Section 4(b) shall also survive the termination or expiration of this Agreement to the extent such payment obligations survive under the Engagement Letter.

Section 9. **Representations and Covenants of the Dealer Manager.** The Dealer Manager represents and warrants that it is duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Securities will be offered and sold, except such states in which the Dealer Manager is exempt from registration or such registration is not otherwise required. The Dealer Manager will comply in all material respects with all applicable laws and regulations in connection with the offer and sale, and solicitation of the offer and sale, of Securities pursuant to this Agreement.

Section 10. **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Assignment**. This Agreement is made solely for the benefit of you, the Company and the Operating Partnership and, with respect to Section 7 hereof, any Indemnified Person, and the respective successors and permitted assigns of the foregoing, and no other person will acquire or have any right under or by virtue of this Agreement. Neither the Company, the Operating Partnership nor the Dealer Manager may assign its rights or obligations under this Agreement without the prior written consent of the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Partial Unenforceability**. In the event that any provision hereof will be determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision hereof, which will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Notice**. Except as otherwise expressly provided in this Agreement, whenever notice is required by the provisions of this Agreement to be given by a Party to another Party, it shall be deemed given (i) when delivered personally on or before 4:30 p.m., New York City time, on a business day or, if such day is not a business day, on the next succeeding business day, (ii) on the next business day after timely delivery to a nationally-recognized overnight courier, (iii) on the business day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid) and (iv) when delivered by electronic mail, under separate cover, at the time the party sending such notice receives written confirmation of receipt thereof by the receiving party (other than pursuant to auto-reply), in each case, provided such notice is delivered to the addresses set forth below (as may be changed by a Party by written notice of such change to the other Parties):

if sent to the Company, shall be delivered to:

American Strategic Investment Co.<br> 650 Fifth Avenue, 30th Floor

New York, New York 10019

Attention: Chief Executive Officer and

Chief Financial Officer

with a copy (which shall not constitute notice) to:

Proskauer Rose LLP

70 West Madison Street, Suite 3800<br> Chicago, Illinois 60602

Attention: Michael J. Choate, Esq.

E-mail: mchoate@proskauer.com

if sent to the Operating Partnership, shall be delivered to:

New York City Operating Partnership, L.P.<br> 650 Fifth Avenue, 30th Floor

New York, New York 10019

Attention: Chief Executive Officer and

Chief Financial Officer

with a copy (which shall not constitute notice) to:

Proskauer Rose LLP

70 West Madison Street, Suite 3800 <br> Chicago, Illinois 60602

Attention: Michael J. Choate, Esq.

E-mail: mchoate@proskauer.com

if sent to the Dealer Manager, shall be delivered to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Riley Securities, Inc.

299 Park Avenue, 21st Floor

New York, New York 10171

Attention: Larry Goldsmith, Jr.

E-mail: lgoldsmith@brileyfin.com

with a copy (which shall not constitute notice) to:

Morrison & Foerster LLP

2100 L Street, NW Suite 900

Washington, DC 20037

Attention: Andrew P. Campbell

E-mail: andycampbell@mofo.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Entire Agreement**. This Agreement and the Engagement Letter contain the entire understanding of the parties with respect to your acting as a U.S. dealer manager of the Company in the Rights Offering, superseding all other prior agreements, understandings and negotiations with respect to such activities by you. In the event any provision of this Agreement conflicts with any provision of the Engagement Letter, the provision in this Agreement shall prevail. This Agreement may be executed in any number of separate counterparts, each of which will be an original, but all such counterparts will together constitute one and the same agreement. Facsimile or electronic signatures on counterparts of this Agreement are authorized, and will have the same effect as though the facsimile or electronic signatures were original executions, and this Agreement will be deemed executed by a party when a signature page (whether executed manually or electronically), or facsimile of a signature page, executed by that party is transmitted to each of the other parties or as they have directed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **GOVERNING LAW; EXCLUSIVE JURISDICTION.** This Agreement, and any claim, controversy or dispute arising out of or in connection with this Agreement, shall be governed by and construed in accordance with the laws of the state of New York (without regard to principles of conflicts of law). The Parties hereby irrevocably agree that any claim, controversy or dispute arising in respect of or relating to this Agreement, including your engagement, will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in New York County (or any court to which any judgment of the foregoing courts may be appealed) and the parties agree to submit to the jurisdiction of, and to venue in, such courts, and hereby irrevocably waive any claim that any such court lacks jurisdiction or constitutes an inconvenient forum or improper venue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **WAIVER OF JURY TRIAL**. Each Party hereby agrees on its own behalf and, to the extent permitted by applicable law, on behalf of their respective security holders, to waive any right to a trial by jury with respect to any claim, controversy or dispute arising out of or in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **"Business Day"**. Time will be of the essence of this Agreement. As used herein, the term "business day" will mean any day on which each of the NYSE and commercial banks in the City of New York are open for business.

Please sign and return to us a duplicate of this letter, whereupon it will become a binding agreement.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| AMERICAN STRATEGIC INVESTMENT CO. | AMERICAN STRATEGIC INVESTMENT CO. |
| By: | /s/ Christopher J. Masterson |
| Name: Christopher J. Masterson | Name: Christopher J. Masterson |
| Title: Chief Financial Officer and Treasurer | Title: Chief Financial Officer and Treasurer |
| NEW YORK CITY OPERATING PARTNERSHIP, L.P. | NEW YORK CITY OPERATING PARTNERSHIP, L.P. |
| By: American Strategic Investment Co., its general partner | By: American Strategic Investment Co., its general partner |
| By: | /s/ Christopher J. Masterson |
| Name: Christopher J. Masterson | Name: Christopher J. Masterson |
| Title: Chief Financial Officer and Treasurer | Title: Chief Financial Officer and Treasurer |

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[*Signature Page to the Dealer Manager Agreement*]

**Accepted by the Dealer Manager as of the date first written above:**

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| | |
|:---|:---|
| B. RILEY SECURITIES, INC. | B. RILEY SECURITIES, INC. |
| By: | /s/ Jimmy Baker |
| Name: Jimmy Baker | Name: Jimmy Baker |
| Title: President | Title: President |

---

[*Signature Page to the Dealer Manager Agreement*]

**<u>Exhibit A</u>**

**Significant Subsidiaries**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Entity** | &nbsp;&nbsp;**State of Formation / Incorporation** |
| &nbsp;&nbsp;New York City Operating Partnership, L.P. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ARC NYC421W54, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ARC NYC400E67, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ARC NYC200RIVER01, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ARC NYC123WILLIAM, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ARC NYC570SEVENTH, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ARC NYC1140SIXTH, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ARG NYC8713FIFTH, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ARG NYC196ORCHARD, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Innovate NYC, LLC | &nbsp;&nbsp;Delaware |

---

**<u>Exhibit B</u>**

**Form of Opinion of Counsel for the Company**

(See attached)

January 23, 2023

B. Riley Securities, Inc.

as Dealer Manager

299 Park Avenue, 21st Floor

New York, New York 10171

Ladies and Gentlemen:

We have acted as special counsel to American Strategic Investment Co. (f/k/a New York City REIT, Inc.), a Maryland corporation (the "<u>Company</u>"), and New York City Operating Partnership, L.P., a Delaware limited partnership (the "<u>Operating Partnership</u>"), in connection with the Company's entry into the Dealer Manager Agreement, dated January 23, 2023 (the "<u>Agreement</u>"), among the Company, Operating Partnership and B. Riley Securities, Inc. (the "<u>Agent</u>"). The parties entered into the Agreement in connection with the distribution by the Company to its stockholders of non-transferable rights to purchase shares of the Company's Class A common stock, $0.01 par value per share (the "Underlying Shares") having an aggregate offering price of up to $5,000,000 pursuant to a rights offering. This opinion is being rendered pursuant to Section 6(g) of the Agreement. Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Agreement.

In our capacity as special counsel to the Company, we have participated in the preparation of the Agreement, the Registration Statement on Form S-3 (File No. 333-248121) filed by the Company with the Securities and Exchange Commission (the "<u>Commission</u>") on August 19, 2020, and amended on September 9, 2020 (as amended through the date hereof, the "<u>Registration Statement</u>"), the base prospectus, dated September 14, 2020, included as part of the Registration Statement in the form filed with the Commission on September 14, 2020 (the "<u>Base Prospectus</u>"), and the prospectus supplement, dated January 23, 2023, in the form filed with the Commission on January 23, 2023, pursuant to Rule 424(b) under the Securities Act with respect to the Underlying Shares (the "<u>Prospectus Supplement</u>" and together with the Base Prospectus, the "<u>Prospectus</u>"), and have examined and relied on the following:

(i) the Registration Statement;

(ii) the Base Prospectus;

(iii) the Prospectus Supplement;

(iv) an executed copy of the Agreement;

(v) the charter of the Company, certified by the
 State Department of Assessments and Taxation (the "SDAT");

(vi) the Amended and Restated Bylaws of the Company
 and all amendments thereto, as in effect on the date hereof;

January 23, 2023

(vii) the Certificate of Limited Partnership of
 the Operating Partnership, dated December 18, 2013, and as in effect on the date hereof
 (the " <u>Operating Partnership Certificate</u> ");

(viii) the Amended and Restated Agreement of Limited Partnership of the Operating Partnership,
 dated August 18, 2020 and as in effect on the date hereof (the " <u>Operating Partnership Agreement</u> ");

(ix) the Certificate of Good Standing of the Company,
 dated January 23, 2023, certified by the Secretary of State of the State of Maryland;

(x) the Certificate of Good Standing of the Operating
 Partnership, dated January 23, 2023, certified by the Secretary of State of the State
 of Delaware (the " <u>Operating Partnership Good Standing Certificate</u> ");

(xi) resolutions adopted by the Board of Directors
 of the Company or a duly authorized committee thereof relating to the authorization of the
 distribution of the Rights and the issuance and sale of the Underlying Shares;

(xii) the agreements listed on the exhibit indexes
 of the Registration Statement and the Prospectus and the documents incorporated by reference
 therein (the " <u>Opinion Documents</u> "); and

(xiii) such other certificates of public officials,
 corporate documents, and records and other certificates and instruments, and such other investigations
 of law, as we have deemed necessary in connection with the opinions hereinafter set forth.

As to questions of fact relevant to this opinion, with your permission and without any independent investigation or verification, we have relied upon certificates of officers of the Company (including, without limitation, the certificate of fact) and oral and written statements of certain public officials and others (including the representations and warranties of each party in the Agreement). In addition, we have assumed, with your permission and without any independent verification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that the Company (1) has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland, with all corporate power and authority, as applicable, to own, lease or operate its property and assets and to conduct its business as described in the Registration Statement and the Prospectus; (2) has all requisite corporate power and authority, as the case may be, to execute, deliver, and perform its obligations under the Agreement; and (3) is duly qualified and is in good standing as a foreign corporation, authorized to do business in each jurisdiction in which it conducts its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that the Agreement has been duly authorized, executed and delivered by the Agent and has been duly authorized by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compliance by each party to the Agreement with its agreements in such document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Agreement constitutes the legal, valid and binding obligation of each party to it (other than the Company and the Operating Partnership) and is enforceable against each such party in accordance with its terms;

January 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the execution, delivery and performance by the Company and the Operating Partnership of their respective obligations under the Agreement, the distribution of the rights to purchase the Underlying Shares and the issuance, sale and delivery of the Underlying Shares, do not and will not result in any breach or violation of, require any consent under, constitute a default under, nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation of or constitute a default under, or give the holder of any indebtedness, or a person acting on such holder's behalf, the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under, or result in the creation or imposition of a lien, charge or encumbrance on any property or assets of the Company, the Operating Partnership or any Subsidiary pursuant to (1) the Company's charter or the Company's Amended and Restated Bylaws, as amended to date, (2) any agreement or instrument to which the Company, the Operating Partnership or their respective assets or properties are subject (other than those as to which we express our opinion in paragraph 4 below), (3) any statute, rule, law or regulation to which the Company is subject other than any Applicable Law (as defined below), or (4) any order, writ, injunction or decree of any governmental authority or any arbitral award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no approval, authorization or other action by, or filing with, any governmental authority is required to authorize or is required in connection with the execution, delivery or performance by the Company and the Operating Partnership of the Agreement or the transactions contemplated by the Agreement (other than those as to which we express our opinion in paragraph 4 below).

When reference is made in this opinion to our "knowledge" of certain matters or to matters "known to us," it means the actual knowledge as of the date hereof of those matters by the attorneys at our firm directly involved in acting as counsel to the Company and the Operating Partnership in connection with the transactions contemplated by the Agreement. In addition, we have made such inquiries as we have determined are appropriate of other attorneys at our firm who represent the Company.

We have assumed that the signatures on all documents examined by us are genuine, which assumptions we have not independently verified.

This opinion relates solely to the federal statutes, rules and regulations of the United States of America, the statutes, rules and regulations of the State of New York and the Revised Uniform Limited Partnership Act of the State of Delaware, in each case that, in our experience, are normally applicable to transactions of the type contemplated by the Agreement other than the United States federal securities laws, state securities or blue sky laws, antifraud laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. (collectively, the "<u>Applicable Laws</u>"), but without our having made any special investigation as to the applicability of any specific law, rule or regulation, and we express no opinion with respect to the effect or applicability of the laws in other areas or of other jurisdictions.

For purposes of the matters addressed in paragraph 1 below relating to the valid existence and good standing of the Operating Partnership under the laws of the State of Delaware, we have relied solely upon our review of the Operating Partnership Certificate, and the Operating Partnership Good Standing Certificate. We are of the opinion that:

January 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Operating Partnership is validly existing as a limited partnership in good standing under the laws of the State of Delaware, with all limited partnership power and authority to own, lease and operate its properties and conduct its business as described in the Registration Statement and the Prospectus, to execute and deliver the Agreement and to perform its obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Agreement has been duly executed and delivered by the Company (insofar as the law of New York applies) and the Operating Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All regulatory consents, authorizations, approvals and filings required to be obtained or made on or before the date hereof by the Company and the Operating Partnership under the Applicable Laws for the (i) execution and delivery by the Company and the Operating Partnership of, and the performance by the Company and the Operating Partnership of their respective obligations under, the Agreement and (ii) distribution of the rights to purchase and the offering and sale, of the Underlying Shares by the Company upon exercise of the rights, have been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The execution and delivery by the Company and the Operating Partnership of the Agreement does not, and the distribution of the rights to purchase, and the offering and sale, of the Underlying Shares by the Company upon exercise of the rights will not, (a) violate any Applicable Laws or (b) result in a default under or breach or violation of any of the Opinion Documents, except, for such defaults or breaches that, individually or in the aggregate, would not reasonably be expected to result in a material adverse effect on the Company or the Operating Partnership; <u>provided</u>, <u>however</u>, that we are expressing no opinion in this paragraph as to the financial statements and schedules, and other financial data derived therefrom, contained in such Opinion Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company is not and, after giving effect to the distribution of the rights to purchase, and the offering and sale, of the Underlying Shares and the application of the proceeds thereof as described in the Prospectus Supplement, would not be on the date hereof an "investment company" as defined in the Investment Company Act of 1940.

The Registration Statement has become effective under the Securities Act, and based solely on our review of the Commission's "Stop Orders" web page (<u>http://sec.gov/litigation/stoporders.shtml</u>) at 8:00 a.m. Eastern Time on the date hereof, no stop order suspending the effectiveness of the Registration Statement has been issued under the Securities Act. The Prospectus has been filed in accordance with Rule 424(b) under the Securities Act.

The above opinions are based solely upon Applicable Laws in effect on the date hereof, and are subject to modification to the extent that such Applicable Laws may be changed in the future. We undertake no obligation to advise you of facts or changes in law occurring after the date of this opinion letter which might affect the opinions expressed herein.

This opinion is solely for your benefit in connection with the Agreement that you have entered into and the related transactions contemplated thereby, and may not be relied upon by, nor may copies be delivered to, any other person or entity for any purpose without our prior written consent in each instance. Our opinion is expressly limited to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company and the Operating Partnership. We assume no obligation to advise you of facts, circumstances, events or developments which hereafter may be brought to our attention and which may alter, affect or modify the opinions expressed herein.

---

| |
|:---|
| Very truly yours, |
| PROSKAUER ROSE LLP |

---

**<u>Exhibit C</u>**

**Form of Opinion of Maryland Counsel for the Company**

(See attached)

January 23, 2023

B. Riley Securities, Inc., as Dealer Manager

299 Park Avenue, 21<sup>st</sup> Floor

New York, New York 10171

Re: <u>American Strategic Investment Co.</u>

Ladies and Gentlemen:

We have served as Maryland counsel to American Strategic Investment Co., a Maryland corporation (the "Company"), in connection with certain matters of Maryland law relating to the distribution by the Company of subscription rights (the "Rights") to subscribe for and purchase, at the election of the holders of the Rights (the "Rights Holders"), an aggregate of 386,100 shares (the "Underlying Shares") of Class A Common Stock, $0.01 par value per share (the "Common Stock"), of the Company to the holders of record of each outstanding share of Common Stock as of 5:00 p.m., New York Time, on January 12, 2023. Each Right consists of a subscription privilege allowing the Rights Holders to purchase 0.20130805 shares of Common Stock. This firm did not participate in the negotiation or drafting of the Dealer Manager Agreement (as defined below).

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registration Statement on Form S-3 (File No. 333-248121) and all amendments thereto (collectively, the "Registration Statement"), filed with the United States Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "1933 Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Prospectus, dated September 14, 2020 (the "Base Prospectus"), as supplemented by a Prospectus Supplement, dated January 23, 2023 (the "Prospectus Supplement" and, together with the Base Prospectus, the "Prospectus") filed with the Commission pursuant to Rule 424(b) of the General Rules and Regulations promulgated under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The charter of the Company (the "Charter"), certified by the State Department of Assessments and Taxation of Maryland (the "SDAT");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Amended and Restated Bylaws of the Company, as amended (the "Bylaws"), certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Dealer Manager Agreement, dated as of the date hereof (the "Dealer Manager Agreement"), by and among the Company, New York City Operating Partnership, L.P., a Delaware limited partnership, and B. Riley Securities, Inc.;

B. Riley Securities, Inc., as Dealer Manager

January 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Resolutions adopted by the Board of Directors of the Company or a duly authorized committee thereof (the "Resolutions") relating to the authorization of (a) the execution and delivery by the Company of the Dealer Manager Agreement, (b) the distribution of the Rights and (c) the sale and issuance of the Underlying Shares, certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. A certificate executed by an officer of the Company, dated as of the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

In expressing the opinion set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Upon any issuance of the Underlying Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company then has authority to issue under the Charter.

The phrase "known to us" is limited to the actual knowledge, without independent inquiry, of the lawyers currently at our firm who have performed legal services in connection with the issuance of this opinion.

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is a corporation duly incorporated and validly existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT. The Company has the corporate power to conduct its business in all material respects as described in the Registration Statement and the Prospectus under the caption "Prospectus Supplement Summary—Our Company" and to enter into and perform its obligations under the Dealer Manager Agreement.

B. Riley Securities, Inc., as Dealer Manager

January 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The distribution of the Rights and the sale and issuance of the Underlying Shares have been duly authorized by the Company and, when the Underlying Shares are issued and delivered against payment therefor pursuant to the terms of the Rights, the Prospectus and the Resolutions, the Underlying Shares will be validly issued, fully paid and nonassessable. The distribution of the Rights and the issuance and sale of the Underlying Shares are not subject to preemptive or other similar rights of any stockholder of the Company arising under the Maryland General Corporation Law or the Charter or Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Dealer Manager Agreement has been duly authorized, executed and delivered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The execution, delivery and performance of the Dealer Manager Agreement by the Company and the consummation of the transactions contemplated thereby, including the distribution of the Rights and the sale and issuance of the Underlying Shares as described in the Prospectus, do not and will not (a) conflict with or result in any breach of the Charter or Bylaws or (b) violate any Maryland statute, regulation or rule to which the Company may be subject or, so far as is known to us, any judgment or order applicable to the Company of any court or governmental or regulatory authority of the State of Maryland (other than any statute, regulation, rule, judgment or order in connection with the securities laws of the State of Maryland, as to which no opinion is expressed hereby). We call your attention to the fact that, in connection with the delivery of this opinion, we have not ordered or reviewed judgment, lien or any other searches of public or private records of the Company or any of its properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No consent, approval, authorization or order of, or registration or filing with, any Maryland governmental authority or agency having jurisdiction over the Company is required for the Company's execution or delivery of, or performance of its obligations under, the Dealer Manager Agreement or the consummation of the transactions contemplated thereby, except such as have been obtained or made by the Company, if any (other than any consent, approval, authorization, order, registration or filing required in connection with the securities laws of the State of Maryland, as to which no opinion is expressed hereby).

The foregoing opinion is limited to the substantive laws of the State of Maryland and we do not express any opinion herein concerning federal law or any other state law. We express no opinion as to the applicability or effect of federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers or the laws, codes or regulations of any municipality or other local jurisdiction. We note that the Dealer Manager Agreement provides that it shall be governed by the laws of the State of New York. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. Our opinion expressed in paragraph 4(b) above is based upon our consideration of only those statutes, rules and regulations of the State of Maryland, if any, and those judgments and orders of courts or governmental or regulatory authorities of the State of Maryland, if any, which, in our experience, are normally applicable to transactions of the type contemplated by the Dealer Manager Agreement. Our opinion expressed in paragraph 5 above is based upon our consideration of only those consents, approvals, authorizations or orders of, or registrations or filings with, governmental authorities or agencies of the State of Maryland, if any, which, in our experience, are normally applicable to transactions of the type contemplated by the Dealer Manager Agreement. The opinion expressed herein is subject to the effect of any judicial decision which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.

B. Riley Securities, Inc., as Dealer Manager

January 23, 2023

The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.

This opinion is being furnished to you solely for your benefit in connection with the distribution of the Rights and the sale and issuance of the Underlying Shares. Accordingly, it may not be relied upon by, quoted in any manner to or delivered to any other person or entity without our prior written consent.

Very truly yours,

**<u>Exhibit D</u>**

**Form of Tax Opinion of Counsel for the Company**

(See attached)

January 23, 2023

B. Riley Securities, Inc.<br> 299 Park Avenue, 21st Floor<br> New York, New York 10171

**Re: American Strategic Investment Co.**

All:

In connection with the Dealer Manager Agreement, dated January 23, 2023 (the "<u>Dealer Manager Agreement</u>"), entered into by American Strategic Investment Co. (f/k/a New York City REIT, Inc.), a Maryland corporation (the "<u>Company</u>"), New York City Operating Partnership, L.P., a Delaware limited partnership (the "<u>Operating Partnership</u>"), and B. Riley Securities, Inc., in its capacity as the dealer manager for the Company, we have been asked to provide an opinion pursuant to Section 6(g) of the Dealer Manager Agreement regarding (i) the classification of the Company as a real estate investment trust ("<u>REIT</u>") under the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), as of December 31, 2022, and (ii) the accuracy and fairness of the discussion under the caption "Material U.S. Federal Income Tax Considerations" in the prospectus supplement, dated as of the date hereof, to the prospectus (as supplemented through the date hereof and including any exhibits thereto and all other documents incorporated therein by reference, the "<u>Prospectus</u>"), dated September 14, 2020 and filed as part of the registration statement (the "<u>Registration Statement</u>") on Form S-3, Registration No. 333-248121, filed with the Securities and Exchange Commission (the "<u>Commission</u>") on August 19, 2020.

The opinions set forth in this letter are based on relevant provisions of the Code, Treasury Regulations issued thereunder (including Proposed and Temporary Regulations), and interpretations of the foregoing as expressed in court decisions, administrative determinations, and the legislative history as of the date hereof. These provisions and interpretations are subject to differing interpretations or change at any time, which may or may not be retroactive in effect, and which might result in modifications of our opinions. In this regard, an opinion of counsel with respect to an issue represents counsel's best judgment as to the outcome on the merits with respect to such issue, is not binding on the Internal Revenue Service ("<u>IRS</u>") or the courts, and is not a guarantee that the IRS will not assert a contrary position with respect to an issue, or that a court will not sustain such a position if so asserted by the IRS.

In rendering our opinions, we have made such factual and legal examinations, including an examination of such statutes, regulations, records, certificates and other documents as we have considered necessary or appropriate, including, but not limited to, the following: (1) the Registration Statement (including the exhibits thereto) and the Prospectus; (2) the Articles of Amendment and Restatement of the Company, dated July 17, 2018, as amended through the date hereof; (3) all Articles Supplementary of the Company filed as of the date hereof; (4) the Amended and Restated Distribution Reinvestment Plan, effective August 28, 2020; (5) the Amended and Restated Rights Agreement, dated August 17, 2020, between the Company and Computershare Trust Company, N.A., as amended through the date hereof; (6) the Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated August 18, 2020, as amended through the date hereof; (7) the Schedule 13D filed by Bellevue Capital Partners, LLC ("<u>Bellevue</u>") with the Commission on February 4, 2022, as amended through the date hereof; (8) other public filings of the Company with the Commission such as Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K; (9) the Certificate of Notice, dated August 10, 2022, certifying that the Company decreased the Aggregate Share Ownership Limit (as defined in the Charter); (10) the Ownership Limit Waiver Agreement, dated February 4, 2022, by and between the Company and New York City Advisors, LLC, as amended through the date hereof; (11) the Ownership Limit Waiver Agreement, dated February 4, 2022, by and between the Company and Bellevue, as amended through the date hereof; (12) shareholder demand letters, dated August 25, 2022, that were sent to the Company's shareholders by its transfer agent on that date to comply with the requirements set forth in Treasury Regulations Section 1.857- 8; (13) responses to the shareholder demand letters described in clause (12) that were submitted by shareholders of the Company and forwarded to us by the Company; and (14) such other documents and corporate records as we have deemed necessary or appropriate for purposes of our opinion. The opinions set forth in this letter also are based on certain written factual representations and covenants made by an officer of the Company, in the Company's own capacity and in its capacity as the general partner of the Operating Partnership, in a letter to us of even date herewith (the "<u>Officer's Certificate</u>") relating to, among other things, those factual matters as are germane to the determination that the Company and the Operating Partnership, and the entities in which they hold direct or indirect interests, have been formed, owned, and operated in such a manner that the Company has satisfied the requirements for qualification as a REIT under the Code (collectively, the Officer's Certificate and the documents described in the immediately preceding sentence are referred to herein as the "<u>Transaction Documents</u>").

B. Riley Securities, Inc.

January 23, 2023

In our review, we have assumed, with the consent of the Company, that all of the factual representations, covenants, and statements set forth in the Transaction Documents are true and correct, and all of the obligations imposed by any such documents on the parties thereto have been and will be performed or satisfied in accordance with their terms. Moreover, we have assumed that the Company and the Operating Partnership each will be operated in the manner described in the relevant Transaction Documents. We have, consequently, assumed and relied on the Company's representations that the information presented in the Transaction Documents (including, without limitation, the Officer's Certificate and the exhibits thereto) accurately and completely describe all material facts relevant to our opinion. We have not undertaken any independent inquiry into, or verification of, these facts for the purpose of rendering this opinion. Although we have reviewed all representations made to us to determine their reasonableness, we have no assurance that they are or will ultimately prove to be accurate. No facts have come to our attention, however, that would cause us to question the accuracy or completeness of such facts or Transaction Documents in a material way. Our opinion is conditioned on the continuing accuracy and completeness of such representations, covenants and statements. Any material change or inaccuracy in the facts referred to, set forth, or assumed herein or in the Transaction Documents may affect our conclusions set forth herein.

We also have assumed the legal capacity of all natural persons, the genuineness of all signatures, the proper execution of all documents, the authenticity of all documents submitted to us as originals, the conformity to originals of documents submitted to us as copies, and the authenticity of the originals from which any copies were made. Where documents have been provided to us in draft form, we have assumed that the final executed versions of such documents will not differ materially from such drafts.

With respect to matters of Maryland law, we have relied upon the opinion of Venable LLP, counsel for the Company, dated as of the date hereof, that the Company is a validly organized and duly incorporated corporation under the laws of the State of Maryland.

B. Riley Securities, Inc.

January 23, 2023

Based upon, and subject to the foregoing and the discussion below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commencing with the Company's taxable
 year ended on December 31, 2014, the Company has been organized in conformity with the
 requirements for qualification as a REIT under the Code, and the Company's actual method
 of operation through December 31, 2022, enabled it to meet the requirements for qualification
 and taxation as a REIT under the Code through such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the discussion in the Prospectus under
 the caption "Material U.S. Federal Income Tax Considerations," to the extent
 it constitutes matters of law, summaries of legal matters or legal conclusions, is correct
 in all material respects.

We express no opinion on any issue other than as expressly stated above.

This opinion letter is rendered to you solely for your benefit in connection with the Dealer Manager Agreement. This opinion letter may not be distributed, quoted in whole or in part or otherwise reproduced in any document, filed with any governmental agency, or relied upon by any other person for any other purpose (other than as required by law) without our express written consent.

Sincerely yours,

**<u>Exhibit E</u>**

**Form of Negative Assurance Letter of Counsel for the Company**

(See attached)

January 23, 2023

B. Riley Securities, Inc.

299 Park Avenue, 21st Floor

New York, New York 10171

Ladies and Gentlemen:

We have acted as special counsel to American Strategic Investment Co. (f/k/a New York City REIT, Inc.), a Maryland corporation (the "<u>Company</u>"), and New York City Operating Partnership, L.P., a Delaware limited partnership (the "<u>Operating Partnership</u>"), in connection with the Company's entry into the Dealer Manager Agreement, dated January 23, 2023 (the "<u>Agreement</u>"), among the Company, the Operating Partnership and B. Riley Securities, Inc. (the "<u>Agent</u>"), relating to services to be performed by the Agent in connection with the Company's offer and sale of shares of its Class A common stock, $0.01 par value per share (the "<u>Shares</u>"), having an aggregate offering price of up to $5,000,000 pursuant to a rights offering. The rights offering is described in more detail in the Prospectus Supplement (defined below). This letter is being delivered pursuant to Section 6(g) of the Agreement. Unless otherwise defined herein, capitalized terms defined in the Agreement and used herein shall have the respective meanings ascribed to them in the Agreement.

In our capacity as special counsel to the Company, we have participated in the preparation of the Registration Statement on Form S-3 (File No. 333-248121) filed by the Company with the Securities and Exchange Commission (the "<u>Commission</u>") on August 19, 2020, and amended on September 9, 2020 (as amended through the date hereof, the "<u>Registration Statement</u>"), the base prospectus, dated September 14, 2020, included as part of the Registration Statement in the form filed with the Commission on September 14, 2020 (the "<u>Base Prospectus</u>"), and the prospectus supplement, dated January 23, 2023, in the form filed with the Commission on January 23, 2023, pursuant to Rule 424(b) under the Securities Act with respect to the Shares (the "<u>Prospectus Supplement</u>" and together with the Base Prospectus, the "<u>Prospectus</u>"), and have examined and relied on the following:

(i) the Registration Statement;

(ii) the Base Prospectus;

(iii) the Prospectus Supplement;

(iv) each
 filing made with the Commission incorporated by reference, or deemed incorporated by reference,
 in the Registration Statement, and the Prospectus, through 8:00 a.m. (Eastern Time)
 on the date hereof, including, unless the context otherwise requires, the documents, if any,
 filed as exhibits to such filings;

(v) the
 certificate of the Company, dated January 23, 2023, delivered pursuant to Section 6(i) of
 the Agreement and executed by a duly authorized officer of the Company; and

(vi) the
 certificate of fact of the Company, dated January 23, 2023, executed by a duly
 authorized officer of the Company.

The purpose of our engagement as special counsel was not to establish or confirm factual matters set forth in the Registration Statement or the Prospectus.

January 23, 2023

When reference is made in this letter to our "knowledge" of certain matters or to matters "known to us," it means the actual knowledge as of the date hereof of those matters by the attorneys at our firm directly involved in acting as counsel to the Company and the Operating Partnership in connection with the transactions contemplated by the Agreement. In addition, we have made such inquiries as we have determined are appropriate of other attorneys at our firm who represent the Company.

In the course of the preparation of (i) the Registration Statement, (ii) the Base Prospectus, and (iii) the Prospectus Supplement we have participated in conferences with certain officers and representatives of the Company, representatives of the independent registered public accounting firm for the Company, and representatives of, and counsel for, the Agent, at which the contents of the Registration Statement and the Prospectus and related matters were discussed and, although we are not passing upon and do not assume any responsibility for the accuracy, completeness or fairness of the statements contained or incorporated by reference in the Registration Statement and the Prospectus, on the basis of the foregoing, nothing has come to our attention that has led us to believe that (x) the Registration Statement, as of its most recent effective date, for the purposes of Section 11 of the Securities Act as such section applies to the Agent, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading or (y) the Prospectus, as of the date of the filing of each of the Base Prospectus and the Prospectus Supplement, and as of the date hereof, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading (it being understood that we make no comment and express no view with respect to (A) the financial statements and related notes and schedules thereto and the auditors' report thereon, or any other financial and accounting data or information included in, omitted therefrom or derived therefrom contained or incorporated by reference in the Registration Statement or the Prospectus, or (B) representations and warranties included in the exhibits to (1) the Registration Statement, or (2) any documents incorporated or deemed incorporated by reference therein).

The foregoing statements are addressed to you and are solely for your benefit in your capacity as Agent, and made only in connection with the transactions contemplated by the Agreement. This letter may not be relied upon by you for any other purpose or furnished to, circulated, quoted, published, referred to, disseminated or relied upon by any other person or entity other than you for any purpose without our prior written consent. The foregoing statements are rendered as of the date hereof and we undertake no, and disclaim any, obligation to advise you of any change in any matters set forth herein after the date hereof.

---

| |
|:---|
| Very truly yours, |
| PROSKAUER ROSE LLP |

---

## Exhibit 3.1

**Exhibit 3.1**

**<u>NEW YORK CITY REIT, INC.</u>**

**ARTICLES OF AMENDMENT**

New York City REIT, Inc., a Maryland corporation (the "Company"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

<u>FIRST</u>: The charter of the Company (the "Charter") is hereby amended to change the name of the Company to "American Strategic Investment Co." All references in the Charter to "New York City REIT, Inc." are hereby changed to "American Strategic Investment Co."

<u>SECOND</u>: The amendment to the Charter as set forth above has been duly approved by at least a majority of the entire Board of Directors as required by law. The amendment set forth herein is made without action by the stockholders of the Company, pursuant to Section 2-605(a)(1) of the Maryland General Corporation Law.

<u>THIRD</u>: These Articles of Amendment shall become effective on January 19, 2023.

<u>FOURTH</u>: The undersigned acknowledges these Articles of Amendment to be the corporate act of the Company and as to all matters or facts required to be verified under oath, the undersigned acknowledges that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

*-signature page follows-*

IN WITNESS WHEREOF, the Company has caused these Articles of Amendment to be signed in its name and on its behalf by its Chief Executive Officer and President and attested to by its Chief Financial Officer and Treasurer on this 18<sup>th</sup> day of January, 2023.

---

| | |
|:---|:---|
| ATTEST: | NEW YORK CITY REIT, INC. |
| <u>/s/ Christopher J. Masterson</u>____ | By: <u>/s/ Edward M. Weil, Jr.</u>__________ (SEAL) |
| Name: Christopher J. Masterson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Edward M. Weil, Jr. |
| Title: Chief Financial Officer and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Executive Officer and President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer |  |

---

## Exhibit 4.1

**Exhibit 4.1**

![](tm234126d1_ex4-1img007.jpg)

NNNNNNNNN NNNNNN NNNNNN NNNNNNNNNNNN 1 2 3 4 5 6 7 8 03QT4E Rights Cert # 12345678 Rights Qty Issued XXX.XXXXXX Holder ID 123456789 COY Class XXXX Subscription Rights 12345678901234 Primary Subscription Rights MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 ADD 5 ADD 6 C 1234567890 J N T C O Y C C L S . + Signature of Owner and U.S. Person for Tax Certification Signature of Co - Owner (if more than one registered holder listed) Date (mm/dd/yyyy) + X R T 2 President and Chief Executive Officer Chief Financial Officer, Treasurer and Secretary Computershare Trust Company, N.A. PO Box 43007 Providence, RI 02940 - 3007 AMERICAN STRATEGIC INVESTMENT CO. SUBSCRIPTION RIGHTS OFFERING TO EXERCISE YOUR RIGHTS If you wish to exercise your rights, you must submit your instructions in the following way: Option 1) Mail – Complete the instructions, sign and return this Letter of Transmittal in the envelope provided. Option 2) Internet – Visit the Web Platform at nyc.computersharecas.com and follow the instructions on the site Account Code XXXXXXXXXX Control Code XXXXXXXXXX THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S PROSPECTUS SUPPLEMENT DATED JANUARY 23 , 2023 , AND THE ACCOMPANYING BASE PROSPECTUS DATED SEPTEMBER 14 , 2020 (TOGETHER, THE "PROSPECTUS") AND ARE INCORPORATED HEREIN BY REFERENCE . COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM GEORGESON LLC, THE INFORMATION AGENT American Strategic Investment Co. Incorporated under the laws of the State of Maryland NON - TRANSFERABLE RIGHTS CERTIFICATE Evidencing Non - Transferable Rights to Purchase shares of Class A common stock of American Strategic Investment Co.Price: $12.95 per whole share of common stock THE RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON FEBRUARY 22, 2023 SUBJECT TO EXTENSION OR EARLIER TERMINATION REGISTERED OWNER: THIS CERTIFIES THAT the registered owner whose name is subscribed herein is the owner of the number of non - transferable rights ("Rights") set forth herein . Each whole Right entitles the holder thereof to subscribe for and purchase (the "Basic Subscription Right") shares of Class A common stock, par value $0 . 01 per share (the "Common Stock"), of American Strategic Investment Co . , a Maryland corporation (the "Company"), in whole shares in the case of Common Stock pursuant to a rights offering (the "Rights Offering"), on the terms and subject to the conditions set forth in the Prospectus and the "Instructions as to Use of American Strategic Investment Co . Rights Certificates" accompanying this Rights Certificate . If any of the principal amount of shares of Common Stock available for purchase in the Rights Offering are not purchased by other holders of Rights pursuant to the exercise of the Basic Subscription Rights, any rights holder that exercises its Basic Subscription Rights in full may purchase additional principal amount of Common Stock pursuant to the terms and restrictions of the Rights Offering, which are acknowledged by the registered owner below (the "Oversubscription Option") . The Rights represented by this Rights Certificate may be exercised by completing Form 1 and any other appropriate forms on the reverse side hereof and by returning the full payment of the subscription price for the requested principal amount of shares of Common Stock in accordance with the "Instructions as to Use of American Strategic Investment Co . Rights Certificates" that accompany this Rights Certificate . If the Company is unable to issue to the registered owner below the full number of shares of Common Stock requested, the Subscription Agent will return to the registered owner below any excess funds submitted as soon as practicable, without interest or deduction . American Strategic Investment Co . Dated January 23 , 2023

![](tm234126d1_ex4-1img008.jpg)

. DELIVERY OPTIONS FOR RIGHTS CERTIFICATE Delivery other than in the manner or to the address listed below will not constitute valid delivery. FOR DELIVERY BY FIRST CLASS MAIL OR COURIER SERVICE : Computershare Inc. 150 Royall Street, Suite V Canton, MA 02021 Attn: Corporate Actions PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY FORM 1 - EXERCISE OF RIGHTS To subscribe for Common Stock pursuant to your Basic Subscription Rights, please complete lines (a) and (c) and sign under Form 3 below . To subscribe for the Oversubscription Option, please complete lines (a), (b) and (c) below . To the extent you subscribe for a greater principal amount of shares of Common Stock than you are entitled under the Basic Subscription Rights or Oversubscription Option, you will be deemed to have elected to purchase the maximum principal amount of shares of Common Stock for which you are entitled to subscribe under the Basic Subscription Right or Oversubscription Option, if applicable . (a) EXERCISE OF BASIC SUBSCRIPTION RIGHTS Ƒ x 0.20130805 = x $12.95 = $(Rights Exercised) (Amount of Common Stock, Rounded Down to the Nearest Whole Number) $ Total (b) EXERCISE OF OVERSUBSCRIPTION OPTION: □ If you exercised your Basic Subscription Rights in full and wish to purchase additional principal amount of shares of Common Stock pursuant to your Oversubscription Option: additional shares of Common Stock subscribed for x $12.95 = $(Amount of Common Stock) $ Total (c) Total Amount of Payment Enclosed = $ METHOD OF PAYMENT (CHECK ONE) □ Check payable to "Computershare Inc., as subscription agent for American Strategic Investment Co." □ Wire transfer of immediately available funds directly to the account maintained by Computershare Inc., as Subscription Agent, for purposes of accepting subscriptions in this Rights Offering at: Bank of America, ABA# 026009593, Account # 4426655268, Account Name CSSI AAF RIGHTS OFFERING I, Ref # NCRI Rights FORM 3 - SIGNATURE TO SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights Offering and I hereby irrevocably subscribe for the principal amount of shares of Common Stock indicated above on the terms and conditions specified in the Prospectus. Signature(s): (and address if different than that listed on this Subscription Certificate) Telephone number (including area code) IMPORTANT: The signature(s) must correspond with the name(s) as printed on the reverse of this Rights Certificate in every particular, without alteration or enlargement, or any other change whatsoever. ANY QUESTIONS OR REQUESTS FOR ASSISTANCE CONCERNING THE RIGHTS OFFERING SHOULD BE DIRECTED TO GEORGESON LLC, THE INFORMATION AGENT, AT (866) 391 - 7007.

## Exhibit 4.2

**Exhibit 4.2**

**<u>NEW YORK CITY REIT, Inc.</u>**

**CERTIFICATE OF NOTICE**

THIS IS TO CERTIFY THAT:

<u>FIRST</u>: On January 9, 2023, the Board of Directors (the "Board") of New York City REIT, Inc., a Maryland corporation (the "Company"), determined pursuant to Article VII, Section 7.4 of the charter of the Company (the "Charter") that it is no longer in the best interests of the Company to continue to be qualified as a REIT. The restrictions on ownership and transfer of Shares set forth in Article V, Section 5.7 of the Charter shall no longer apply. Any capitalized term used but not otherwise defined herein shall have the meaning set forth in the Charter.

<u>SECOND</u>: The undersigned officer acknowledges this Certificate of Notice to be the corporate act of the Company and as to all matters or facts required to be verified under oath, the undersigned officer acknowledges that to the best of such officer's knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

IN WITNESS WHEREOF, the Company has caused this Certificate of Notice to be signed in its name and on its behalf by its Chief Executive Officer and President and attested to by its Chief Financial Officer and Treasurer on this 18th day of January, 2023.

---

| | | |
|:---|:---|:---|
| ATTEST: | NEW YORK CITY REIT**,** INC. | NEW YORK CITY REIT**,** INC. |
| /s/ Christopher J. Masterson | By: | /s/ Edward M. Weil, Jr. |
| Name: Christopher J. Masterson | Name: Edward M. Weil, Jr. | Name: Edward M. Weil, Jr. |
| Title: Chief Financial Officer and | Title: Chief Executive Officer and President | Title: Chief Executive Officer and President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer |  |  |

---

## Exhibit 4.3

**Exhibit 4.3**

**THIRD AMENDMENT TO RIGHTS AGREEMENT**

This Amendment No. 3 to the Amended and Restated Rights Agreement, dated as of January 23, 2023 (this "**Third Amendment**"), is made between American Strategic Investment Co., a Maryland corporation (the "**Company**"), and Computershare Trust Company, N.A., a federally chartered trust company (the "**Rights Agent**").

**WHEREAS**, the Company and the Rights Agent are parties to that certain Amended and Restated Rights Agreement, dated as of August 17, 2020, as amended by Amendment No. 1 thereto, dated as of August 12, 2021, and as further amended by Amendment No. 2 thereto, dated August 10, 2022 (the "**Rights Agreement**");

**WHEREAS**, the Company has delivered to the Rights Agent a certificate from an appropriate officer of the Company stating that this Third Amendment complies with Section 27 of the Rights Agreement; and

**WHEREAS**, the Company and the Rights Agent desire to amend the definition of "**Acquiring Person**" in the Rights Agreement as further described herein.

**NOW, THEREFORE**, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to Section 1.1</u>. The definition of "**Acquiring Person**" contained
in Section 1.1 of the Rights Agreement is hereby amended by designating the existing subsection (vi) of that definition as (vii) and
changing any current reference to subsection (vi) of that definition to (vii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment to Section 1.1</u>. The definition of "**Acquiring Person**" contained
in Section 1.1 of the Rights Agreement is hereby further amended by adding a new subsection designated as (vi) to read as follows:

"(vi) any Person who becomes the Beneficial Owner of 4.9% or more of the shares of Common Stock solely as a result of the exercise of subscription rights granted to holders of record of Common Stock as of 5:00 p.m., Eastern Time, on January 12, 2023 to subscribe for shares of Common Stock offered pursuant to a prospectus supplement filed with the Securities and Exchange Commission and dated January 23, 2023 (the shares of Common Stock equal to or in excess of 4.9% referred to herein as the "**Permitted Excess Shares**"); *provided*, *however*, that, on each occasion in which a Person who is the Beneficial Owner of Permitted Excess Shares sells, transfers or otherwise disposes of any shares of Common Stock, the number of Permitted Excess Shares shall be reduced by the number of shares sold, transferred or otherwise disposed of (such new number of Permitted Excess Shares referred to herein as the "**Adjusted Excess Share Amount**") and if, at any time, such Person shall become the Beneficial Owner of any additional shares of Common Stock above the greater of (x) the Adjusted Excess Share Amount and (y) 4.9% of the outstanding shares of Common Stock, in each case, without the approval of the Board of Directors, or a committee thereof, then such Person shall be deemed an Acquiring Person."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Third Amendment may be executed in
any number of counterparts, and each counterpart shall for all purposes be deemed to be an original, and all counterparts shall together
constitute but one and the same instrument. A signature to this Third Amendment transmitted electronically shall have the same authority,
effect and enforceability as an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Third Amendment shall be deemed to be a contract made under the laws of the State of Maryland and
for all purposes shall be governed by and construed in accordance with the laws of such state applicable to contracts to be made and performed
entirely within such state, except that the rights, duties, immunities and obligations of the Rights Agent shall be governed by and construed
in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within the State of New
York.

*[Remainder of page intentionally left blank. Signature page follows.]*

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **American Strategic Investment Co.** | **American Strategic Investment Co.** | **American Strategic Investment Co.** |
| By: | /s/ Christopher J. Masterson | /s/ Christopher J. Masterson |
|  | Name: | Christopher J. Masterson |
|  | Title: | Chief Financial Officer and Treasurer |
| **Computershare Trust Company, N.A.**, as Rights Agent | **Computershare Trust Company, N.A.**, as Rights Agent | **Computershare Trust Company, N.A.**, as Rights Agent |
| By: | /s/ Rachel Fisher | /s/ Rachel Fisher |
|  | Name: | Rachel Fisher |
|  | Title: | Sr. Contract Negotiation Specialist |

---

[*NYC – Third Amendment to Rights Agreement*]

## Exhibit 5.1

**Exhibit 5.1**

![](tm234126d1_ex5-1img001.jpg)

January 23, 2023

American Strategic Investment Co.

650 Fifth Avenue, 30<sup>th</sup> Floor

New York, New York 10019

Re: <u>Registration Statement on Form S-3 (File No. 333-248121)</u>

Ladies and Gentlemen:

We have served as Maryland counsel to American Strategic Investment Co., a Maryland corporation (the "Company"), in connection with certain matters of Maryland law relating to the distribution by the Company of subscription rights (the "Subscription Rights") to subscribe for and purchase, at the election of the holders of the Subscription Rights, an aggregate of 386,100 shares (the "Shares") of Class A Common Stock, $0.01 par value per share, of the Company (the "Class A Common Stock"), covered by the above-referenced Registration Statement, and all amendments thereto (the "Registration Statement"), filed by the Company with the United States Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "1933 Act").

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Prospectus, dated September 14, 2020, that forms a part of the Registration Statement, as supplemented by a Prospectus Supplement, dated January 23, 2023, filed by the Company with the Commission pursuant to Rule 424(b) under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The charter of the Company (the "Charter"), certified by the State Department of Assessments and Taxation of Maryland (the "SDAT");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Amended and Restated Bylaws of the Company, as amended, certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Resolutions adopted by the Board of Directors of the Company or a duly authorized committee thereof relating to the authorization of the distribution of the Subscription Rights and the issuance and sale of the Shares, certified as of the date hereof by an officer of the Company;

![](image_001.jpg)

American Strategic Investment Co.

January 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A certificate executed by an officer of the Company, dated as of the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

In expressing the opinion set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Upon the issuance of any of the Shares, the total number of shares of Class A Common Stock issued and outstanding will not exceed the total number of shares of Class A Common Stock that the Company is then authorized to issue under the Charter.

![](image_001.jpg)

American Strategic Investment Co.

January 23, 2023

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The issuance and sale of the Shares have been duly authorized by the Company and, when the Shares are issued and delivered against payment therefor upon exercise and pursuant to the terms of the Subscription Rights, the Shares will be validly issued, fully paid and nonassessable.

The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning federal law or the laws of any other state. We express no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.

The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Company's Current Report on Form 8-K relating to the issuance of the Subscription Rights and the issuance and sale of the Shares (the "Current Report"), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the said incorporation by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Venable LLP |

---

## Exhibit 8.1

**Exhibit 8.1**

---

| | |
|:---|:---|
| ![](tm234126d1_ex8-1img001.jpg) | Proskauer Rose LLP Eleven Times Square New York, NY 10036-8299 |

---

January 23, 2023

American Strategic Investment Co.

650 Fifth Avenue, 30th Floor

New York, New York 10019

**Re: Opinion of Proskauer Rose LLP as to Tax Matters** 

All:

We have acted as counsel to American Strategic Investment Co. (f/k/a New York City REIT, Inc.), a Maryland corporation (the "<u>Company</u>"), with respect to certain tax matters in connection with the prospectus supplement (the "<u>Prospectus Supplement</u>"), dated as of the date hereof, to the prospectus (as supplemented through the date hereof and including any exhibits thereto and all other documents incorporated therein by reference, the "<u>Prospectus</u>"), dated September 14, 2020 and filed as part of the registration statement (the "<u>Registration Statement</u>") on Form S-3, Registration No. 333-248121, filed with the Securities and Exchange Commission (the "<u>Commission</u>") on August 19, 2020. The Prospectus Supplement relates to the distribution by the Company to its stockholders of record rights to subscribe for and purchase, at the election of the holders, its Class A common stock, $0.01 par value per share, on the date hereof. We have been asked to provide an opinion regarding the accuracy and fairness of the discussion in the section of the Prospectus Supplement under the caption "Material U.S. Federal Income Tax Considerations".

The opinion set forth in this letter is based on relevant provisions of the Code, Treasury Regulations issued thereunder (including Proposed and Temporary Regulations), and interpretations of the foregoing as expressed in court decisions, administrative determinations, and the legislative history as of the date hereof. These provisions and interpretations are subject to differing interpretations or change at any time, which may or may not be retroactive in effect, and which might result in modifications of our opinion. In this regard, an opinion of counsel with respect to an issue represents counsel's best judgment as to the outcome on the merits with respect to such issue, is not binding on the Internal Revenue Service ("<u>IRS</u>") or the courts, and is not a guarantee that the IRS will not assert a contrary position with respect to an issue, or that a court will not sustain such a position if so asserted by the IRS.

In rendering our opinion, we have made such factual and legal examinations, including an examination of such statutes, regulations, records, certificates and other documents as we have considered necessary or appropriate, including, but not limited to, the Registration Statement (including the exhibits thereto), the Prospectus (including the exhibits thereto) and the Prospectus Supplement (including the exhibits thereto). The opinion set forth in this letter also is based on certain written factual representations and covenants made by an officer of the Company, on behalf of the Company, in a letter to us of even date herewith (the "<u>Officer's Certificate</u>") (collectively, the Officer's Certificate and the documents described in the immediately preceding sentence are referred to herein as the "<u>Transaction Documents</u>").

In our review, we have assumed, with the consent of the Company, that all of the factual representations, covenants, and statements set forth in the Transaction Documents are true and correct, and all of the obligations imposed by any such documents on the parties thereto have been and will be performed or satisfied in accordance with their terms. We have, consequently, assumed and relied on the Company's representations that the information presented in the Transaction Documents (including, without limitation, the Officer's Certificate and the exhibits thereto) accurately and completely describe all material facts relevant to our opinion. We have not undertaken any independent inquiry into, or verification of, these facts for the purpose of rendering this opinion. Although we have reviewed all representations made to us to determine their reasonableness, we have no assurance that they are or will ultimately prove to be accurate. No facts have come to our attention, however, that would cause us to question the accuracy or completeness of such facts or Transaction Documents in a material way. Our opinion is conditioned on the continuing accuracy and completeness of such representations, covenants and statements. Any material change or inaccuracy in the facts referred to, set forth, or assumed herein or in the Transaction Documents may affect our conclusions set forth herein.

Beijing \| Boca Raton \| Boston \| Chicago \| Hong Kong \| London \| Los Angeles \| New Orleans \| New York \| Paris \| São Paulo \| Washington, DC

![](tm234126d1_ex8-1img001.jpg)

B. Riley Securities, Inc.

January 23, 2023

We also have assumed the legal capacity of all natural persons, the genuineness of all signatures, the proper execution of all documents, the authenticity of all documents submitted to us as originals, the conformity to originals of documents submitted to us as copies, and the authenticity of the originals from which any copies were made. Where documents have been provided to us in draft form, we have assumed that the final executed versions of such documents will not differ materially from such drafts.

Based upon, and subject to the foregoing and the discussion below, we are of the opinion that the discussion in the Prospectus Supplement under the caption "Material U.S. Federal Income Tax Considerations," to the extent it constitutes matters of law, summaries of legal matters or legal conclusions, is correct in all material respects.

We express no opinion on any issue other than as expressly stated above.

This opinion letter is rendered to you solely for your benefit for submission to the Commission as an exhibit to the Company's Current Report on Form 8-K relating to the distribution of the rights and the issuance and sale of the shares of Class A common stock thereunder (the "<u>Current Report</u>"), which is incorporated by reference in the Registration Statement. Except as provided in the next paragraph, this opinion letter may not be distributed, quoted in whole or in part or otherwise reproduced in any document, filed with any governmental agency, or relied upon by any other person for any other purpose (other than as required by law) without our express written consent.

We consent to the use of our name under the captions "Material U.S. Federal Income Tax Considerations" and "Legal Matters" in the Prospectus Supplement and to the use of this opinion for filing as Exhibit 8.1 to the Current Report. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under section 7 of the Securities Act of 1933, or the rules and regulations of the Commission thereunder.

---

| |
|:---|
| Sincerely yours, |
| /s/ Proskauer Rose LLP |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>SECOND AMENDMENT TO<br> WAIVER AGREEMENT</u>**

This SECOND AMENDMENT TO THE WAIVER AGREEMENT is entered into on January 23, 2023, by and among **American Strategic Investment Co.** (the "<u>Company</u>"), **Bellevue Capital Partners, LLC** ("<u>Bellevue</u>") and **New York City Advisors, LLC** (the "<u>Advisor</u>"). Capitalized terms used but not defined herein shall have the meanings ascribed to them in either the Waiver Agreement or in the Amended and Restated Rights Agreement, dated as of August 17, 2020, as amended by Amendment No. 1, dated as of August 12, 2021, and Amendment No. 2, dated as of August 10, 2022 (as amended the "<u>Rights Agreement</u>").

**RECITALS**

**WHEREAS**, the Company, Bellevue and the Advisor originally entered into a Waiver Agreement dated as of February 4, 2022 (the "<u>Original Waiver Agreement</u>") and entered into the First Amendment to Waiver Agreement on August 10, 2022 (the "<u>First Amended Waiver Agreement</u>" together with the Original Waiver Agreement and this Second Amendment collectively the "<u>Waiver Agreement</u>");

**WHEREAS**, pursuant to the Original Waiver Agreement, the Company granted an Ownership Threshold Waiver to the Excluded Person(s) to the maximum extent permitted by the Revised Threshold as defined in the Original Waiver Agreement;

**WHEREAS**, pursuant to the First Amended Waiver Agreement, the Company amended certain provisions of the Original Waiver Agreement to change the Revised Threshold, subject to conditions described in the First Amended Waiver Agreement which were later satisfied, to up to 25%;

**WHEREAS**, the Company has decided to expand the type of assets or businesses it may own and operate and has terminated its election to be treated as a real estate investment trust ("<u>REIT</u>") under the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), effective January 1, 2023 and thus the Aggregate Share Ownership Limit will no longer be in effect but the Ownership Threshold, including waivers thereto, under the Rights Agreement remain in effect;

**WHEREAS**, the Company is desirous of raising additional capital including through a rights offering made to holders of Common Stock, through a prospectus supplement dated January 23, 2023 (the "<u>Rights Offering</u>");

**WHEREAS**, Bellevue and the Advisor are each desirous of exercising their rights to purchase Common Stock through the Rights Offering to the fullest extent permitted and making further investments in the Common Stock including potentially through the Advisor electing shares of Common Stock in lieu of cash for services rendered under the Advisory Agreement; and

**WHEREAS**, the Company is willing to provide a further waiver to Bellevue, the Advisor and each other Excluded Person set forth on <u>Schedule 1</u> to the Irrevocable Proxy (as defined herein) from the Ownership Threshold subject to Bellevue, the Advisor and each Excluded Person granting an Irrevocable Proxy to the Company to vote certain shares of Common Stock Beneficially Owned collectively by them in excess of 34.9% of the outstanding shares of Common Stock and desire to amend the Waiver Agreement as provided herein.

**NOW, THEREFORE**, in consideration of the promises made hereunder, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to Section 1.1 of the Waiver Agreement</u>. Section 1.1 of the Waiver Agreement
is hereby deleted in its entirety and replaced with the following:

"1.1 (a) The Company hereby waives the application against Bellevue, the Advisor and each other Excluded Person of the Ownership Threshold contained in Section 1.1 of the Rights Agreement and together they shall be permitted, at their discretion, to Beneficially Own shares of Common Stock in excess of the Ownership Threshold without being deemed an Acquiring Person subject to each of Bellevue, the Advisor and each other Excluded Person granting an irrevocable proxy to the Company in the form contained in <u>Exhibit A</u> hereto (the "<u>Irrevocable Proxy</u>"); provided that if the Irrevocable Proxy shall not, for any reason, be in full force and effect then Bellevue, the Advisor and each other Excluded Person shall be prohibited from collectively Beneficially Owning shares of Common Stock in excess of 34.9% of the outstanding shares of Common Stock (the "<u>Amended Threshold Limit</u>") and shall be deemed to be an Acquiring Person unless Bellevue, the Advisor and each other Excluded Person sells or otherwise disposes of any shares of Common Stock above the Amended Threshold Limit or the Board otherwise waives the excess within ten (10) days of the Irrevocable Proxy no longer being in full force and effect."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment to Section 1.2 of the Waiver Agreement</u>. Section 1.2 of the Waiver agreement
is hereby deleted in its entirety and replaced with the following:

"1.2 [Reserved]."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Amendment to Section 1.4 of the Waiver Agreement</u>. Section 1.4 of the Waiver Agreement
is hereby deleted in its entirety and replaced with the following:

"1.4 If an Excluded Person, together with all of its Affiliates and Associates, Beneficially Owns shares of Common Stock in excess of the Ownership Threshold, as of the date on which this Waiver Agreement is terminated (the "<u>Termination Date</u>"), the Excluded Person shall be deemed to be a "Grandfathered Stockholder" as defined in Section 1.1 of the Rights Agreement with respect to shares of Common Stock Beneficially Owned as of the Termination Date (the "<u>Termination Date Percentage</u>") so long as: (1) each Irrevocable Proxy remains in full force and effect; or (2) the Excluded Persons do not Beneficially Own more than the Amended Threshold Limit; provided that if any Irrevocable Proxy is no longer in full force and effect, then each Excluded Person shall cease to be a "Grandfathered Stockholder" with respect to any Common Stock Beneficially Owned in excess of the Amended Threshold Limit."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendment to Section 2.1 of the Waiver Agreement</u>. Section 2.1 of the Waiver Agreement
is hereby deleted in its entirety and replaced with the following:

"2.1 [Reserved]."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Amendment to Section 2.2 of the Waiver Agreement</u>. Section 2.2 of the Waiver Agreement
is hereby deleted in its entirety and replaced with the following:

"2.2 [Reserved]."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendment to Section 3.1 of the Waiver Agreement</u>. Section 3.1 of the Waiver Agreement
is hereby deleted and replaced in its entirety replaced with the following:

"3.1 The term of the Waiver Agreement shall commence as of the Determination Date and end at 5:00 p.m. Eastern Time the date that Bellevue, the Advisor and each Excluded Person Beneficially Own less than 4.9% of the Common Stock (the "<u>Termination Date</u>")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Amendment to Section 4.2 of the Waiver Agreement</u>. Section 4.2 of the Waiver Agreement
is amended by deleting references to "New York City REIT, Inc." and replacing such references with "American Strategic
Investment Co."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Miscellaneous</u>. Except as expressly modified hereby, the terms of the Waiver Agreement shall remain
in full force and effect as written. This amendment may be executed in one or more counterparts, all of which shall be considered one
and the same agreement, and shall become a binding agreement when one or more counterparts have been signed by each of the parties and
delivered to the other party. Signatures on this amendment which are transmitted electronically shall be valid for all purposes, however
any party shall deliver an original signature of this amendment to the other party upon request.

*[Signature page follows.]*

**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound hereby, have duly executed this agreement as of the date first set forth above.

---

| | | |
|:---|:---|:---|
| **AMERICAN STRATEGIC INVESTMENT CO.** | **AMERICAN STRATEGIC INVESTMENT CO.** | **AMERICAN STRATEGIC INVESTMENT CO.** |
| By: | /s/ Christopher J. Masterson | /s/ Christopher J. Masterson |
|  | Name: | Christopher J. Masterson |
|  | Title: | Chief Financial Officer and Treasurer |
| **BELLEVUE CAPITAL PARTNERS, LLC** | **BELLEVUE CAPITAL PARTNERS, LLC** | **BELLEVUE CAPITAL PARTNERS, LLC** |
| By: | /s/ Michael Anderson | /s/ Michael Anderson |
|  | Name: | Michael Anderson |
|  | Title: | Authorized Signatory |
| **NEW YORK CITY ADVISORS, LLC** | **NEW YORK CITY ADVISORS, LLC** | **NEW YORK CITY ADVISORS, LLC** |
| By: | /s/ Michael Anderson | /s/ Michael Anderson |
|  | Name: | Michael Anderson |
|  | Title: | Authorized Signatory |

---

*[Signature Page to Second Amendment to Waiver Agreement (Bellevue)]*

**<u>EXHIBIT A</u>**

**IRREVOCABLE PROXY**

In accordance with the terms of a waiver agreement entered into by and between American Strategic Investment Co., a Maryland corporation (the "**Company**"), Bellevue Capital Partners, LLC ("Bellevue"), New York City Advisors (the "Advisor") and each other Excluded Person set forth on <u>Schedule 1</u> hereto (individually an "**Excluded Person**" and collectively with Bellevue and the Advisor, the "**Excluded Persons**") originally dated February 4, 2022, as amended on August 10, 2022 and January 23, 2023 (the "Waiver Agreement"), each Excluded Person hereby grants an irrevocable proxy to the Company on the terms and conditions contained herein (the "Irrevocable Proxy"). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Waiver Agreement.

**RECITALS**

**WHEREAS**, the Excluded Persons collectively own 428,767 or approximately 22.3% of the shares of Class A common stock, par value $0.01 per share (the "**Common Stock**"), of the Company as of the date of this Irrevocable Proxy and may make further investments in the Common Stock including through the exercise of rights granted by the Company to record holders of the Common Stock on January 12, 2023 and offered pursuant to a prospectus supplement dated January 23, 2023; and

**WHEREAS**, pursuant to the Waiver Agreement, each Excluded Person agreed, and deems it to be in the best interests of the Excluded Person, to grant this Irrevocable Proxy to the Company on the terms and conditions contained herein.

**NOW, THEREFORE** in consideration of the mutual covenants and agreements set forth herein, the parties agree as follows:

**Article I**

Section 1.01 <u>Grant of Irrevocable Proxy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Excluded Persons directly or indirectly Beneficially Own collectively more than 34.9% of the outstanding shares of Common Stock, each Excluded Person hereby irrevocably (i) grants to, and appoints, the Company, and any person designated in writing by the Company, and each of them individually, as the Excluded Person's proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of the Excluded Person, to exercise all voting, consent and similar rights associated with the shares of Common Stock that now are or hereafter may be held or otherwise Beneficially Owned collectively by the Excluded Persons in excess of 34.9% of the outstanding shares of Common Stock (the "**Excess Shares**") in the same proportion as the votes cast by all other holders of Common Stock who are not Excluded Persons and (ii) revokes any and all proxies heretofore given in respect of the Excess Shares. With respect to the Excess Shares, votes shall be cast on behalf of each Excluded Person pursuant to and in the manner directed by this Irrevocable Proxy in the same percentage as the number of shares of Common Stock directly or indirectly Beneficially Owned by such Excluded Person bears to the total number of shares of Common Stock directly or indirectly Beneficially Owned collectively by the Excluded Persons. Each Excluded Person shall take any further action or execute any further instruments as may be necessary to effectuate the intent of this Irrevocable Proxy and no Excluded Person shall take any action which is inconsistent with the Irrevocable Proxy granted hereby. For purposes hereof, "Beneficially Own" means the ownership of shares of Common Stock by a Person (as defined in the Company's charter), whether the interest in the shares of Common Stock is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the Internal Revenue Code of 1986, as amended (the 'Code"), as modified by Section 856(h)(1)(B) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Excluded Person acknowledges and agrees that the Irrevocable Proxy granted hereby is coupled with an interest and is irrevocable.

Section 1.02 <u>Legend</u>. Each Excluded Person agrees to permit an appropriate legend on certificates representing the shares of Common Stock reflecting the grant of the Irrevocable Proxy.

Section 1.03 <u>Equitable Remedies</u>. Each Excluded Person acknowledges that irreparable damage would result if this Irrevocable Proxy is not specifically enforced and that, therefore, the Company may enforce the rights granted by this Irrevocable Proxy by a decree of specific performance issued by a court of competent jurisdiction, and appropriate injunctive relief may be applied for and granted in connection therewith. This remedy shall, however, not be exclusive and shall be in addition to any other remedies which the Company may avail itself.

**Article II**

Section 2.01 <u>Representations and Warranties</u>. Each Excluded Person represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Excluded Person has all necessary right, power and authority to execute, deliver and perform the obligations under this Irrevocable Proxy. This Irrevocable Proxy has been duly executed and delivered by the Excluded Person and constitutes the Excluded Person's legal, valid and binding obligation enforceable against the Excluded Person in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Excluded Person is the record owner of the Common Stock listed on <u>Schedule 1</u> and the Excluded Person has plenary voting and dispositive power with respect to the shares of Common Stock held of record; and there are no proxies, voting trusts or other agreements or understandings to which the Excluded Person is a party or bound by and which expressly require that any of the shares of Common Stock be voted in any specific manner other than this Irrevocable Proxy; and the Excluded Person has not entered into any agreement or arrangement inconsistent with this Irrevocable Proxy.

Section 2.02 <u>Applicable Law</u>. This Irrevocable Proxy shall be construed in accordance with and governed by the laws of the State of Maryland without regard to principles of conflict of laws.

Section 2.03 <u>Notices</u>. All notices and demands under this Irrevocable Proxy and other communications required to be delivered pursuant to this Irrevocable Proxy, shall be in writing and shall be deemed to have been duly given if delivered personally or by overnight courier or if mailed by certified mail, return receipt requested, postage prepaid, or sent by facsimile, to the following addresses (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

*[Exhibit A – Irrevocable Proxy]*

If to the Company:

American Strategic Investment Co.<br> 650 Fifth Avenue, 30th Floor,<br> New York, NY 10019<br> Attn: Michael Anderson

With a copy to:

Proskauer<br> 70 West Madison, Suite 3800,<br> Chicago, IL 60602-4342<br> Attn: Michael Choate

If to the Excluded Persons:

Bellevue Capital Partners, LLC<br> 222 Bellevue Avenue<br> Newport, RI 02840<br> Attn: Office of the General Counsel

All such notices shall be effective: (a) if delivered personally, when received (with written confirmation of receipt), (b) if sent by overnight courier, when receipted for and (c) if mailed, five (5) days after being mailed as described above.

Section 2.04 <u>Waiver</u>. No consent or waiver, express or implied, by any party to, or of any breach or default by another party in the performance of, this Irrevocable Proxy shall be construed as a consent to or waiver of any subsequent breach or default in the performance by such other party of the same or any other obligations hereunder.

Section 2.05 <u>Counterparts</u>. This Irrevocable Proxy may be executed in several counterparts, which shall be treated as originals for all purposes, and all counterparts so executed shall constitute one Irrevocable Proxy, binding on each Excluded Person, notwithstanding that not all Excluded Persons are signatory to the original or the same counterpart. Any such counterpart shall be admissible into evidence as an original hereof against the person who executed it.

Section 2.06 <u>Headings</u>. The headings in this Irrevocable Proxy are for convenience of reference only and shall not limit or otherwise affect the meaning of terms contained herein.

Section 2.07 <u>Amendments and Waivers</u>. The provisions of this Irrevocable Proxy may not be modified or amended without the consent in writing signed by an authorized officer of the Company.

Section 2.08 <u>Further Assistance</u>. The parties hereto shall execute and deliver all documents, provide all information and take or refrain from all such action as may be necessary or appropriate to achieve the purposes of this Irrevocable Proxy.

[*Remainder of Page Intentionally Left Blank*]

*[Exhibit A – Irrevocable Proxy]*

IN WITNESS WHEREOF this Irrevocable Proxy has been signed by each of the parties hereto, and shall be effective as of January 23, 2023.

---

| | | |
|:---|:---|:---|
| **Bellevue Capital Partners, LLC** | **Bellevue Capital Partners, LLC** | **Bellevue Capital Partners, LLC** |
| By: |  |  |
|  | Name: | Michael Anderson |
|  | Title: | Authorized Signatory |
| **New York City Advisors, LLC** | **New York City Advisors, LLC** | **New York City Advisors, LLC** |
| By: |  |  |
|  | Name: | Michael Anderson |
|  | Title: | Authorized Signatory |
| **AR Global Investments, LLC** | **AR Global Investments, LLC** | **AR Global Investments, LLC** |
| By: |  |  |
|  | Name: | Michael Anderson |
|  | Title: | Authorized Signatory |
| **American Realty Capital III, LLC** | **American Realty Capital III, LLC** | **American Realty Capital III, LLC** |
| By: |  |  |
|  | Name: | Michael Anderson |
|  | Title: | Authorized Signatory |

---

*[Signature Page to Exhibit A – Irrevocable Proxy]*

---

| | | |
|:---|:---|:---|
| **New York City Special Limited Partnership, LLC** | **New York City Special Limited Partnership, LLC** | **New York City Special Limited Partnership, LLC** |
| By: |  |  |
|  | Name: | Michael Anderson |
|  | Title: | Authorized Signatory |
| **Nicholas S. Schorsch 2016 GRAT (BCP)** | **Nicholas S. Schorsch 2016 GRAT (BCP)** | **Nicholas S. Schorsch 2016 GRAT (BCP)** |
| By: |  |  |
|  | Name: | Frank Mirabello |
|  | Title: | Trustee |
| **Edward M. Weil, Jr.** | **Edward M. Weil, Jr.** | **Edward M. Weil, Jr.** |
| **The Kahane Family 2016 Trust** | **The Kahane Family 2016 Trust** | **The Kahane Family 2016 Trust** |
| By: |  |  |
|  | Name: | Nicholas S. Schorsch |
|  | Title: | Trustee |

---

*[Signature Page to Exhibit A – Irrevocable Proxy]*

---

| | | |
|:---|:---|:---|
| **William M. Kahane Revocable Agreement of Trust** | **William M. Kahane Revocable Agreement of Trust** | **William M. Kahane Revocable Agreement of Trust** |
| By: |  |  |
|  | Name: | William M. Kahane |
|  | Title: | Trustee |
| **Nicholas Schorsch** | **Nicholas Schorsch** | **Nicholas Schorsch** |
| **Nicholas S. Schorsch Revocable Agreement of Trust** | **Nicholas S. Schorsch Revocable Agreement of Trust** | **Nicholas S. Schorsch Revocable Agreement of Trust** |
| By: |  |  |
|  | Name: | Nicholas S. Schorsch |
|  | Title: | Trustee |
| **Shelley D. Schorsch** | **Shelley D. Schorsch** | **Shelley D. Schorsch** |

---

*[Signature Page to Exhibit A – Irrevocable Proxy]*

---

| | | |
|:---|:---|:---|
| **Shelley D. Schorsch Revocable Agreement of Trust** | **Shelley D. Schorsch Revocable Agreement of Trust** | **Shelley D. Schorsch Revocable Agreement of Trust** |
| By: |  |  |
|  | Name: | Shelley D. Schorsch |
|  | Title: | Trustee |

---

*[Signature Page to Exhibit A – Irrevocable Proxy]*

**<u>SCHEDULE 1</u>**

## Exhibit 99.1

**Exhibit 99.1**

**FORM OF Instructions as to Use of American Strategic Investment Co. Rights Certificates**

Please consult GEORGESON LLC, the Information Agent, your bank or broker as to any questions.

The following instructions relate to a rights offering (the "<u>Rights Offering</u>") by American Strategic Investment Co., a Maryland corporation (the "<u>Company</u>"), to the holders of record of its Class A common stock, par value $0.01 per share ("<u>Common Stock</u>"), as described in the Company's Base Prospectus, dated September 14, 2020 (the "<u>Base Prospectus</u>") and the Prospectus Supplement, dated January 23, 2023 (the "<u>Prospectus Supplement</u>" and, together with the Base Prospectus, the "<u>Prospectus</u>"). The Company will distribute to each holder of Common Stock as of 5:00 p.m., Eastern Time, on January 12, 2023 (the "<u>Record Date</u>") non-transferable subscription rights (the "<u>Rights</u>") to purchase shares of Common Stock.

In the Rights Offering, the Company is offering up to an aggregate of 386,100 shares of Common Stock pursuant to the Prospectus. The Rights may be exercised at any time during the subscription period, which commences on January 23, 2023 and ends at 5:00 p.m., Eastern Time, on February 22, 2023, unless extended in the sole discretion of the Company (as it may be extended, the "<u>Expiration Time</u>"). After the Expiration Time, any unexercised Rights will be null and void.

As described in the Prospectus, each holder of shares of Common Stock is entitled to one Right for each whole share of Common Stock owned by the holder on the Record Date, evidenced by a non-transferable Rights certificate (the "<u>Rights Certificate</u>"). Each Right allows the holder thereof to subscribe (the "<u>Basic Subscription Right</u>") at the cash price of $12.95 per whole share (the "<u>Subscription Price</u>") for 0.20130805 of a share of Common Stock. The Rights are described in the Prospectus.

The Company will not be required to issue shares of Common Stock to you if Computershare Inc. (the "<u>Subscription Agent</u>") receives your Rights Certificate or your subscription payment at, or after, the Expiration Time. The Company has the option to extend the Rights Offering by giving oral or written notice to the Subscription Agent prior to the Expiration Time in the Company's sole discretion. If the Company elects to extend the Rights Offering, the Company will issue a press release announcing the extension no later than 9:00 a.m., Eastern Time, on the next business day after the most recently announced Expiration Time.

Rights may only be exercised in aggregate for whole numbers of shares of Common Stock; no fractional shares of the Common Stock will be issued in the Rights Offering. Any fractional shares of the Common Stock resulting from the exercise of the Rights will be rounded down to the nearest whole share. A minimum of five Rights will be required to purchase one whole share of Common Stock. Any excess subscription payments received by the Subscription Agent in respect of fractional shares will be returned promptly after the Expiration Time without interest or deduction.

In addition, holders of Rights that exercise their Basic Subscription Right in full also will be eligible to subscribe (the "<u>Over-Subscription Option</u>"), at the same cash price of $12.95 per whole share, for any shares of Common Stock that are offered in the Rights Offering but are not purchased by the other holders of Rights under their Basic Subscription Right. If an insufficient number of shares of Common Stock is available to fulfill all requests made in respect of the Over-Subscription Option, the available shares will be allocated pro rata (in proportion to the number of shares of Common Stock held after giving effect to all Basic Subscription Rights) among those holders of Rights who fully exercised their Basic Subscription Right.

You may exercise your Over-Subscription Option only if you have exercised your Basic Subscription Right in full and other holders of Rights do not exercise their Basic Subscription Right in full. The Company may cancel or terminate the Rights Offering in its sole discretion at any time on or before the Expiration Time for any reason (including, without limitation, a change in the market price of the Common Stock). The Company also reserves the right to amend the terms of the Rights Offering.

The number of Rights to which you are entitled is printed on the face of your Rights Certificate. You should indicate your wishes with regard to the exercise of your Rights by completing the appropriate portions of your Rights Certificate and returning the Rights Certificate to the Subscription Agent pursuant to the procedures described in the Prospectus.

**Your rights certificate and PAYMENT OF THE SUBSCRIPTION PRICE FOR ALL SHARES OF COMMON STOCK, by personal check, MUST BE actually RECEIVED PRIOR TO THE EXPIRATION TIME. ONCE A HOLDER OF RIGHTS HAS EXERCISED THE BASIC SUBSCRIPTION RIGHT AND THE OVER-SUBSCRIPTION Option, SUCH EXERCISE MAY NOT BE REVOKED. RIGHTS NOT VALIDLY EXERCISED PRIOR TO THE EXPIRATION TIME WILL EXPIRE without value. IN CASE YOU HOLD RIGHTS THROUGH A BROKER OR OTHER NOMINEE, YOU SHOULD VERIFY WITH YOUR BROKER OR NOMINEE BY WHEN YOU MUST DELIVER YOUR INSTRUCTION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Method of Subscription—Exercise of Rights**. To exercise Rights, complete your Rights Certificate and send your properly completed and executed Rights Certificate, together with payment in full of the Subscription Price to the Subscription Agent, so that it will be actually received by the Subscription Agent prior to the Expiration Time. The Subscription Agent will hold all funds it receives in a bank account until completion of the Rights Offering. PLEASE DO NOT SEND RIGHTS CERTIFICATES OR PAYMENTS TO THE COMPANY. Your payment of the Subscription Price must be made in U.S. dollars for the full number of whole shares of Common Stock you are subscribing for by wire transfer of immediately available funds or personal check drawn upon a United States bank payable to the Subscription Agent. Cashier's checks, money orders and certified checks will not be accepted.

The method of delivery of the Rights Certificate and the payment of the Subscription Price to the Subscription Agent is at your election and risk.

If you are a beneficial owner of Common Stock that is registered in the name of a broker, dealer, bank or other nominee, you will need to coordinate exercises of Rights through your broker, dealer, bank or other nominee in order for them to transmit payment to the Subscription Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Acceptance of Payments**. Payments will be deemed to have been received by the Subscription Agent only upon the clearance of (i) wire transfer of immediately available funds or (ii) a personal check drawn on a U.S. bank payable to "Computershare Inc. as subscription agent for American Strategic Investment Co." Funds paid by uncertified personal check may take several business days to clear. If your personal check does not clear prior to the Expiration Time, then you will not receive any shares of Common Stock, and the Company's only obligation will be to return your subscription payment, without interest or deduction. Accordingly, if you wish to pay the Subscription Price by uncertified personal check, then you should make payment sufficiently in advance of the Expiration Time to ensure its receipt and clearance by that time.

If you are sending payment of the Subscription Price by wire of immediately available funds:

Bank of America

**ABA Number**: 026009593

**Account Number**: 4426655268

**Account Name**: CSSI AAF RIGHTS OFFERING I

**Reference Number**: NCRI Rights

If you do not include your name in the reference line of your wire, the Subscription Agent will not be able to match your wire to your Rights exercise and your Rights exercise would not be accepted into the offer.

**In considering which method of delivery to use, holders of Rights should take into consideration the amount of time remaining in the Rights Offering to ensure that materials are delivered prior to the Expiration Time.**

If you are a beneficial owner of Common Stock that is registered in the name of a broker, dealer, bank or other nominee, you will need to coordinate payments through your broker, dealer, bank or other nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Delivery of Subscription Materials**. You should deliver your Rights Certificate to the Subscription Agent by:

By First Class Mail, Express Mail, Courier or Other Expedited Service:

Computershare Inc.<br> 150 Royall Street, Suite V

Canton, MA 02021

Attn: Corporate Actions

Your delivery to an address or by any method other than as set forth above will not constitute valid delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Missing or Incomplete Subscription Forms or Payment**. If you fail to complete and sign the Rights Certificate or otherwise fail to follow the subscription procedures that apply to the exercise of your Rights prior to the Expiration Time, the Subscription Agent will reject your subscription or accept it only to the extent of the payment received. Neither the Company nor the Subscription Agent undertakes any responsibility or action to contact you concerning an incomplete or incorrect subscription form, and neither the Company nor the Subscription Agent is under any obligation to correct such forms. The Company has the sole discretion to determine whether a subscription exercise properly complies with the subscription procedures. If you send a payment that is insufficient to purchase the number of shares of Common Stock you requested, or if the number of shares of Common Stock you requested is not specified in the forms, the payment received will be applied to exercise your subscription rights to the fullest extent possible based on the amount of the payment received. If your aggregate Subscription Price payment is greater than the amount you owe for your Basic Subscription Right, you will be deemed to have exercised your Over-Subscription Option to purchase the maximum number of shares that may be purchased with your overpayment. Any excess subscription payments received by the Subscription Agent will be returned, without interest or penalty, as soon as practicable following the Expiration Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Deliveries to Holders**. The following deliveries and payments to you will be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Rights</u>. We will deliver to you the shares which you purchased with your Basic Subscription Right as soon as practicable after the Expiration Time. All shares that are purchased in the Rights Offering will be issued in uncertificated book-entry form meaning that you will receive a direct registration account statement from the Company's transfer agent reflecting ownership of these securities if you are a holder of record. If you hold your shares in the name of a bank, broker, dealer or other nominee, the Depository Trust Company (" <u>DTC</u> ") will credit your nominee with the securities you purchased in the Rights Offering .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Excess Payments</u>. If you exercised your Over-Subscription Option and are allocated less than all of the shares for which you wished to subscribe, your excess payment for shares that were not allocated to you will be returned without interest or deduction as soon as practicable after the Expiration Time. We will deliver or cause the transfer agent to deliver shares that you purchased as soon as practicable after the Expiration Time and after all pro rata allocations and adjustments have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Fees and Expenses**. The Company will pay all customary fees and expenses of the Subscription Agent and the information agent related to their acting in such roles in connection with the Rights Offering. The Company has also agreed to indemnify the Subscription Agent and the information agent from certain liabilities that they may incur in connection with the Rights Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Riley Securities, Inc. (the "<u>Dealer Manager</u>") is being paid a dealer manager fee in connection with the Rights Offering payable at the completion of the Rights Offering. The Company has also agreed to reimburse the Dealer Manager for certain fees and expenses in connection with the Rights Offering. The Company has also agreed to indemnify the Dealer Manager and its respective controlling persons against certain liabilities in connection with the Rights Offering, including liabilities under the Securities Act of 1933, as amended, or to contribute to payments the Dealer Manager may be required to make in respect of those liabilities. The Dealer Manager Agreement also provides that the Dealer Manager will not be subject to any liability to the Company in rendering the services contemplated by the Dealer Manager Agreement except for any act of gross negligence, bad faith or willful misfeasance of the Dealer Manager or reckless disregard by the Dealer Manager of its obligations and duties under the Dealer Manager Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Execution**. The signature on the Rights Certificate must correspond with the name of the registered holder exactly as it appears on the face of the Rights Certificate without any alteration, enlargement or change. Persons who sign the Rights Certificate in a representative or other fiduciary capacity on behalf of a registered holder must indicate their capacity when signing and, unless waived by the Subscription Agent in its sole and absolute discretion, must present to the Subscription Agent satisfactory evidence of their authority so to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Method of Delivery**. The method of delivery of and payment of the Subscription Price to the Subscription Agent will be at the election and risk of the holder of Rights. If you send your Subscription Price payment by mail, we recommend that you send or by registered mail, properly insured, with return receipt requested. You should allow a sufficient number of days to ensure delivery to the Subscription Agent prior to the Expiration Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Revocation**. Once you have exercised your Rights, you may not revoke your exercise. All exercises of Rights are irrevocable, even if you subsequently learn information about the Company that you consider to be unfavorable. You should not exercise your Rights unless you are certain that you wish to purchase Common Stock in the Rights Offering.

**10.** **Special Provisions Relating to the Delivery of Rights through the Depository Trust Company.** If you are a broker, a dealer, a trustee or a depositary for securities who holds the Company's Common Stock for the account of others as a nominee holder and thus will hold Common Stock for the account of others as a nominee holder, you may, upon proper showing to the Subscription Agent, exercise the Basic Subscription Right and Over-Subscription Option on behalf of your beneficial owner through DTC. Any Rights exercised through DTC are referred to as "DTC Exercised Rights." You may exercise your DTC Exercised Rights through DTC's PSOP Function on the "agents subscription over PTS" procedures by (1) providing a certification as to the aggregate number of Rights exercised by the beneficial owner on whose behalf the nominee is acting, and (2) instructing DTC to charge the applicable DTC account for the subscription payment and to deliver such amount to the Subscription Agent. DTC must receive the subscription instructions and payment for the new shares prior to the Expiration Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Determinations Regarding the Exercise of Your Rights.** The Company will decide, in its sole discretion, all questions concerning the timeliness, validity, form, and eligibility of the exercise of your Rights, including any determinations as to beneficial ownership as described herein. Any such determinations by the Company will be final and binding. The Company, in its sole discretion, may waive, in any particular instance, any defect or irregularity or permit, in any particular instance, a defect or irregularity to be corrected within such time as the Company may determine. The Company will not be required to make uniform determinations in all cases. The Company may reject the exercise of any of your Rights because of any defect or irregularity. The Company will not accept any exercise of Rights until all irregularities have been waived by the Company or cured by you within such time as the Company decides, in its sole discretion.

Neither the Company, the Subscription Agent, nor the information agent will be under any duty to notify you of any defect or irregularity in connection with your submission of Rights Certificates, and the Company will not be liable for failure to notify you of any defect or irregularity. The Company reserves the right to reject your exercise of Rights if it determines that your exercise is not in accordance with the terms set forth in the Prospectus and these Instructions, or in proper form. The Company will also not accept the exercise of your Rights if the issuance of shares of Common Stock to you could be deemed unlawful under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Questions and Request for Additional Materials**. For questions regarding the Rights Offering, assistance regarding the method of exercising Rights or for additional copies of relevant documents, please contact the information agent for the Rights Offering, Georgeson LLC, (866) 391-7007.

## Exhibit 99.2

**Exhibit 99.2**

**FORM OF BROKER LETTER TO CLIENTS WHO ARE BENEFICIAL HOLDERS**

**AMERICAN STRATEGIC INVESTMENT CO.**

**Subscription Rights to Purchase Shares of Common Stock**

**Distributed to Stockholders<br> of American Strategic Investment Co.**

January 23, 2023

To Our Clients:

Enclosed for your consideration are a Base Prospectus, dated September 14, 2020 (the "<u>Base Prospectus</u>"), and a Prospectus Supplement, dated January 23, 2023 (the "<u>Prospectus Supplement</u>" and, together with the Base Prospectus, the "<u>Prospectus</u>"), relating to the offering (the "<u>Rights Offering</u>") by American Strategic Investment Co., a Maryland corporation (the "<u>Company</u>"), of shares of the Company's Class A common stock, par value $0.01 per share ("<u>Common Stock</u>"), pursuant to non-transferable subscription rights (the "<u>Rights</u>") distributed to all holders of record of shares of Common Stock as of 5:00 p.m., Eastern Time, on January 12, 2023 (the "<u>Record Date</u>"). The Rights and Common Stock are described in the Prospectus.

In the Rights Offering, the Company is offering up to an aggregate of 386,100 shares of Common Stock pursuant to the Prospectus. The Rights may be exercised at any time during the subscription period, which commences on January 23, 2023 and ends at 5:00 p.m., Eastern Time, on February 22, 2023, unless extended in the sole discretion of the Company (as it may be extended, the "<u>Expiration Time</u>").

Please note that because you hold your shares in the name of a broker, dealer or other nominee who uses the services of Computershare Inc., you must exercise your Rights prior to 5:00 p.m., Eastern Time, on the Expiration Time.

As described in the Prospectus, each holder of record of shares of Common Stock is entitled to one Right for each share of Common Stock owned by the holder on the Record Date, evidenced by non-transferable Rights certificates (the "<u>Rights Certificates</u>"). Each Right allows the holder thereof to subscribe (the "<u>Basic Subscription Right</u>") for 0.20130805 of a share of Common Stock at the cash price of $12.95 per whole share (the "<u>Subscription Price</u>") of Common Stock.

In addition, Rights holders that exercise their Basic Subscription Right in full also will be eligible to subscribe (the "<u>Over-Subscription Option</u>") at the same cash price of $12.95 per whole share to up to that number of shares of Common Stock that are offered in the Rights Offering but are not purchased by the other holders of Rights under their Basic Subscription Right. If an insufficient number of shares of Common Stock is available to fulfill all requests made in respect of the Over-Subscription Option, the available shares will be allocated pro rata (in proportion to the number of shares of Common Stock held after giving effect to all Basic Subscription Rights) among those Rights holders who fully exercised their Basic Subscription Right.

The Company may cancel or terminate the Rights Offering in its sole discretion at any time on or before the Expiration Time for any reason (including, without limitation, a change in the market price of the Common Stock). The Company also reserves the right to amend the terms of the Rights Offering.

The shares of Common Stock to be issued upon exercise of the Rights, like the Company's existing shares of Common Stock, will be listed for trading on the New York Stock Exchange ("<u>NYSE</u>") under the symbol "NYC". The Company will not be listing the Rights on NYSE or any other national securities exchange.

Enclosed are copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prospectus;

2. Rights Certificate; and

3. Instructions as to Use of American Strategic Investment Co. Rights Certificate.

THE MATERIALS ENCLOSED ARE BEING FORWARDED TO YOU AS THE BENEFICIAL OWNER OF COMMON STOCK CARRIED BY US IN YOUR ACCOUNT BUT NOT REGISTERED IN YOUR NAME. EXERCISES OF RIGHTS MAY BE MADE ONLY BY US AS THE RECORD OWNER AND PURSUANT TO YOUR INSTRUCTIONS.

Accordingly, we request instructions as to whether you wish us to elect to subscribe for any shares of Common Stock to which you are entitled pursuant to the terms and subject to the conditions set forth in the enclosed Prospectus. However, we urge you to read the Prospectus carefully before instructing us to exercise any Rights.

Your instructions to us should be forwarded as promptly as possible in order to permit us to exercise the Rights on your behalf in accordance with the provisions of the Rights Offering. The Rights Offering will expire on the Expiration Time. You will have no right to rescind your subscription after receipt of your payment of the Subscription Price. Rights not exercised prior to the Expiration Time will expire without value.

If you wish to have us, on your behalf, exercise your Rights for any shares of Common Stock to which you are entitled, please so instruct us by completing, executing and returning to us the Rights Certificate included with this letter.

**With respect to any instructions to exercise Rights, the enclosed Rights Certificate must be completed and returned in sufficient time to allow us to process your request and submit your instructions to the subscription agent by the Expiration Time.**

ANY QUESTIONS OR REQUESTS FOR ASSISTANCE CONCERNING THE RIGHTS OFFERING SHOULD BE DIRECTED TO THE INFORMATION AGENT, GEORGESON LLC, AT (866) 391-7007.

## Exhibit 99.3

**Exhibit 99.3**

**AMERICAN STRATEGIC INVESTMENT CO.** 

**NOTICE TO FOREIGN STOCKHOLDERS WHO ARE RECORD HOLDERS**

Up to 386,100 Shares of Common Stock Issuable Upon Exercise of Non-Transferable Rights

January 23, 2023

Dear Stockholder:

Enclosed for your consideration is a prospectus supplement, dated January 23, 2023 (the "**Prospectus Supplement**"), and the base prospectus, dated September 14, 2020 (together with the Prospectus Supplement, the "**Prospectus**"), relating to the offering by American Strategic Investment Co. (the "**Company**") of non-transferable subscription rights (the "**Rights**") to subscribe for up to an aggregate of 386,100 shares of the Company's Class A common stock, par value $0.01 per share (the "**Common Stock**"). The Rights will be issued to stockholders of record (the "**Record Date Stockholders**") as of 5:00 p.m., New York City time, on January 12, 2023 (the "**Record Date**"). The Rights are offered on the terms and subject to the conditions described in the Prospectus.

The Rights may be exercised within the stated time during the subscription period, which commences on January 23, 2023 and ends at 5:00 p.m., New York City time, on February 22, 2023, unless extended by the Company in its sole discretion (the "**Expiration Time**"). Holders with an address outside the United States or who have an Army Post Office or a Fleet Post Office address may exercise Rights by notifying Computershare Inc. (the "**Subscription Agent**") prior to 11:00 a.m., Eastern Time, at least five (5) business days prior to the Expiration Time and establishing to the satisfaction of the Company that the holder is permitted to exercise Subscription Rights under applicable law. Failure to follow these procedures by the applicable time will result in the Subscription Rights expiring. The Rights are non-transferable and will not be listed for trading on the New York Stock Exchange or any other stock exchange or trading market. The Common Stock is listed on the New York Stock Exchange under the symbol "NYC."

As described in the Prospectus, each Record Date Stockholder is entitled to receive one Right for each outstanding share of Common Stock owned on the Record Date. The Rights entitle the holder thereof to purchase 0.20130805 new shares of Common Stock for every one Right held (the "**Subscription Rights**") at the subscription price (the "**Subscription Price**"), to be calculated as described in the Prospectus as of the Expiration Time. Record Date Stockholders who fully exercise their Rights pursuant to the Subscription Rights will be entitled to subscribe, on the terms and subject to the conditions set forth in the Prospectus, including pro-ration, for additional shares that remain unsubscribed as a result of any unexercised Rights. The Company refers to the over-subscription option as the "**Over-Subscription Option**."

The Rights will be evidenced by non-transferable Rights Certificates (the "**Subscription Rights Certificates**"). Subscription Rights Certificates will not be mailed to foreign stockholders. The Subscription Agent will hold the Rights to which those Subscription Rights Certificates relate for foreign stockholders' accounts until instructions are received to exercise the Rights and such stockholders establish to the satisfaction of the Company that they are permitted to exercise their Rights under applicable law. In addition, such stockholders must take all other steps that are necessary to exercise their Rights on or prior to the date required for participation in the Rights offering. If no instructions have been received by the Expiration Time, the Subscription Rights of foreign stockholders will expire. No fractional shares of Common Stock will be issued pursuant to the Rights.

Rights holders who exercise their Rights will have no right to rescind their subscription after receipt of their completed Subscription Rights Certificates together with payment for shares by the Subscription Agent.

Enclosed are copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subscription Rights Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Instructions as to Use of American Strategic Investment Co. Rights Certificate.

Your prompt attention is requested. To exercise the Rights, you should notify the Subscription Agent that you wish to exercise your Rights and coordinate payment of the Subscription Price in full for each share of Common Stock subscribed for pursuant to the Subscription Rights and the Over-Subscription Option as indicated in the Prospectus. The Subscription Agent must receive instructions from you at least five (5) business days prior to the Expiration Time.

**ANY QUESTIONS OR REQUESTS FOR ASSISTANCE CONCERNING THE RIGHTS OFFERING SHOULD BE DIRECTED TO GEORGESON LLC, THE INFORMATION AGENT, AT (866) 391-7007.**

## Exhibit 99.4

**Exhibit 99.4**

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S PROSPECTUS SUPPLEMENT DATED JANUARY 23, 2023 (THE "PROSPECTUS SUPPLEMENT"), AND THE ACCOMPANYING BASE PROSPECTUS DATED SEPTEMBER 14, 2020 AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS SUPPLEMENT ARE AVAILABLE UPON REQUEST FROM GEORGESON LLC, THE INFORMATION AGENT, BY CALLING (866) 391-7007.

**AMERICAN STRATEGIC INVESTMENT CO.**

**BENEFICIAL OWNER ELECTION FORM**

I (We), the beneficial owner(s) of shares of Class A common stock, par value $0.01 per share (the "Common Stock"), of American Strategic Investment Co., a Maryland corporation (the "Company"), acknowledge receipt of your letter, the Company's prospectus dated September 14, 2020 (as supplemented by the Prospectus Supplement, the "Prospectus"), and the other enclosed materials relating to the offering of shares of Common Stock issuable upon the exercise of subscription rights ("Subscription Rights") as described in the Prospectus Supplement.

In this form, I (we) instruct you whether to exercise Subscription Rights to purchase shares of Common Stock distributed with respect to the Common Stock held by you for my (our) account, pursuant to the terms and subject to the conditions set forth in the Prospectus Supplement and the related "Form of Instructions as to Use of American Strategic Investment Co. Rights Certificates."

I (We) hereby instruct you as follows:

(CHECK THE APPLICABLE BOXES AND PROVIDE ALL REQUIRED INFORMATION)

---

| | | |
|:---|:---|:---|
| **Box 1.** | ☐ | Please DO NOT EXERCISE SUBSCRIPTION RIGHTS for shares of Common Stock. |
|  |  | *If you checked Box 1, please sign and date this form and mail it to your broker, custodian bank or your other nominee that holds your shares.* |
| **Box 2.** | ☐ | Please EXERCISE SUBSCRIPTION RIGHTS for shares of Common Stock as set forth below. |
|  |  | *If you checked Box 2, please fill out the table shown below. Next, please check Box 3 and/or Box 4, as applicable, and fill out the information indicated under Box 3 and/or Box 4, as applicable. Please then sign and date this form and mail it to your broker, custodian bank or other nominee that holds your shares.* |
|  |  | The number of Subscription Rights for which the undersigned gives instructions for exercise under the subscription privilege should not exceed the number of Subscription Rights that the undersigned is entitled to exercise. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number<br> of<br> Subscription<br> Rights Exercised** | **Initial<br> Ratio** | **Number of<br> Shares of<br> Common<br> Stock<br> Subscribed<br> For, Rounded<br> Down to the Nearest<br> Whole Number** | | **Per Share<br> Initial<br> Subscription<br> Price (the<br> "Initial<br> Price")** | **Payment** |
| Basic Subscription Right: |  | 0.20130805 |  | x | $12.95 | $_________ (Line 1) |
| Over-Subscription Option: |  |  |  | x | $12.95 | $_________ (Line 2) |
| Total Payment Required: |  |  |  |  |  | $_________<br> (Sum of Lines 1 and 2) |

---

---

| | | |
|:---|:---|:---|
| **Box 3.** | ☐ | Payment in the following amount is enclosed: $__________. |
| **Box 4.** | ☐ | Please deduct payment of $__________ from the following account maintained by you: |
|  |  | *The total of Box 3 and 4, together, must equal the sum of lines 1 and 2 from Box 2 above.* |
|  |  | Type of Account: _________________ Account No.: ____________________ |

---

I (We) on my (our) behalf, or on behalf of any other person(s) on whose behalf, or under whose directions, I am (we are) signing this form:

<br> • irrevocably elect to purchase the number of shares of Common Stock indicated above upon the terms and conditions specified in the Prospectus Supplement; and

<br> • agree that if I (we) fail to pay for the shares of Common Stock I (we) have elected to purchase, you may exercise any remedies available to you under law.

---

| |
|:---|
| Name of beneficial owner(s): ____________________ |
| Signature of beneficial owner(s): ______________________ |
| Date: ________________________ |

---

If you are signing in your capacity as a trustee, executor, administrator, guardian, attorney-in-fact, agent, officer of a corporation or another acting in a fiduciary or representative capacity, please provide the following information:

---

| |
|:---|
| Name: __________________________ |
| Capacity: ________________________ |
| Address (including Zip Code): _________________________ |
| Telephone Number: ________________________ |

---

PLEASE MAKE SURE THAT YOU USE THE CORRECT ADDRESS. You may want to check this address with your broker.

## Exhibit 99.5

**Exhibit 99.5**

![](tm234126d1_ex99-5img001.jpg)

**FOR IMMEDIATE RELEASE**

**AMERICAN STRATEGIC INVESTMENT CO. ANNOUNCES COMMENCEMENT OF RIGHTS OFFERING FOR COMMON STOCK**

 ****

**NEW YORK, January 24, 2023 –** American Strategic Investment Co. (NYSE: NYC) ("NYC" or the "Company") announced today that it commenced an offering of shares of its Class A common stock, par value $0.01 per share (the "Common Stock") through a rights offering (the "Rights Offering").

The Company distributed to all holders of record of its Common Stock, as of 5:00 p.m., Eastern Time, on January 12, 2023 (the "Record Date"), for each share of the Common Stock held as of the Record Date, one non-transferable subscription right to purchase 0.20130805 of a share of Common Stock, at a subscription price of $12.95 per whole share, on such terms and subject to such conditions as may be required to comply with any applicable New York Stock Exchange ("NYSE") rules and regulations. The Company will not issue fractional shares of Common Stock. Any fractional shares of the Common Stock that would remain after the exercise of the subscription rights will be rounded down to the nearest whole share, and any excess payments in respect thereof will be returned.

Holders of at least five shares of Common Stock as of the Record Date will have the opportunity to participate in the Rights Offering and subscribe for newly issued shares of Common Stock in proportion to their respective ownership amount as of the Record Date. To the extent that not all holders fully exercise their rights, those holders that do fully exercise will also have the option to purchase additional shares through an oversubscription option. The availability of the over subscription option is subject to certain terms and restrictions set forth in the prospectus supplement.

The Company intends to use the net proceeds from the Rights Offering for general corporate purposes, which may include purchases of additional properties and businesses or other assets including those that generate non-REIT qualifying income, consistent with its business plan.

The Rights Offering will expire at 5:00 p.m., Eastern Time, on February 22, 2023, unless extended by the Company. The Company reserves the right to amend or terminate the Rights Offering at any time prior to its expiration date.

The shares of Common Stock to be issued upon exercise of the subscription rights will be listed for trading on the NYSE under the symbol "NYC." The subscription rights are non-transferable and the Company will not be listing the subscription rights on the NYSE or any other national securities exchange.

The Company expects that Georgeson LLC, the information agent for the Rights Offering, will mail rights cards and a copy of the prospectus supplement (and accompanying base prospectus) for the Rights Offering to holders of record of Common Stock as of the Record Date beginning on or about January 23, 2023. Holders of shares of Common Stock held in "street name" through a brokerage account, bank or other nominee will not receive physical rights cards and must instruct their broker, bank or other nominee whether to exercise subscription rights on their behalf. For any questions or further information about the Rights Offering, please call Georgeson LLC, the information agent for the Rights Offering, at (866) 391-7007.

Neither the Company nor its Board of Directors has made or will make any recommendation to holders regarding the exercise of the subscription rights. Holders should make an independent investment decision about whether or not to exercise their subscription rights based on their own assessment of the Company's business and the Rights Offering.

The offering of the Common Stock pursuant to the Rights Offering is being made pursuant to the Company's existing effective shelf registration statement on Form S-3 (Reg. No. 333-248121) on file with the Securities and Exchange Commission (the "SEC") and a prospectus supplement (and the accompanying base prospectus dated September 14, 2020) filed with the SEC on January 23, 2023.

The information herein is not complete and is subject to change. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company, nor shall there be any offer, solicitation or sale of any securities of the Company in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. This document is not an offering, which can only be made by the prospectus supplement (and the accompanying base prospectus), which contains information about the Company and the Rights Offering, and should be read carefully before investing.

B. Riley Securities is acting as the dealer manager in connection with the Rights Offering.

**About the Company**

American Strategic Investment Co. owns a portfolio of high-quality commercial real estate. Additional information about NYC can be found on its website at <u>AmericanStrategicInvestment.com</u>.

**Forward-Looking Statements**

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words "may," "will," "seeks," "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the anticipated benefits of the Company's election to terminate its status as a real estate investment trust, (b) the Company's ability to launch the Rights Offering as expected, (c) whether stockholders of record will exercise their subscription rights to purchase Common Stock and the amount subscribed, (d) whether the Company will be able to successfully acquire new assets or businesses, (e) the potential adverse effects of (i) the global COVID-19 pandemic, including actions taken to contain or treat COVID-19, (ii) the geopolitical instability due to the ongoing military conflict between Russia and Ukraine, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company's tenants, and the global economy and financial markets, and (iii) inflationary conditions and higher interest rate environment, (f) the fact that the Company had to restate or revise certain of its historical financial statements and has identified a material weakness in its internal controls over financial reporting and (g) that any potential future acquisition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, as well as those risks and uncertainties set forth in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed on March 18, 2022 and all other filings with the SEC after that date including but not limited to the subsequent Quarterly Reports on Form 10-Q, Amendments to Quarterly Reports on Form 10-Q/A and Current Reports on Form 8-K, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

**Contacts:**

Investor Relations

<u>info@ar-global.com</u>

(866) 902-0063