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ASIC on Brink of Bankruptcy | Real Estate News
ASIC is teetering on the brink of bankruptcy, warning of “substantial doubt” about its ability to survive the next year. A $140 million loan tied to 123 William Street — now worth less than half that — looms large, with occupancy at just 72% and no sale in over two years. The company’s financial woes include a $16 million loss in the first half of the year, slashed cash reserves to $2.4 million, and mandatory $500K monthly payments to related entities. Past missteps like the $100M loss on 9 Times Square and foreclosure at 1140 Sixth Avenue add to the crisis. Since 2022, ASIC’s stock has…
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