Michael LeSanto
About Michael LeSanto
Michael LeSanto, age 39, is Chief Financial Officer and Treasurer of American Strategic Investment Co. (NYC) since 2024; he joined the company in 2020 as Senior Portfolio Controller and served as Chief Accounting Officer from 2021–2024. Prior roles include Director & Corporate Controller at The Predictive Index (2018–2020), Controller at Viral Gains (2016–2018), and VP Finance, North America at David Wood & Associates (2013–2016); he also has a public accounting background at regional firms and RSM US. LeSanto holds a B.S. in Accounting and a Master’s in Accounting from Bentley University, graduating cum laude for both degrees . NYC is externally managed; executive pay is set by AR Global (the parent of NYC’s Advisor) and is reimbursed by NYC within defined limits, which shapes pay-for-performance linkages and retention dynamics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Strategic Investment Co. | Chief Financial Officer & Treasurer | 2024–present | Finance leadership for externally managed REIT; responsible for SEC filings and capital allocation; signed 8‑K as CFO on Mar 7, 2025 . |
| American Strategic Investment Co. | Chief Accounting Officer | 2021–2024 | Led reporting transition from New York City REIT to American Strategic Investment Co.; oversight of accounting controls . |
| American Strategic Investment Co. | Senior Portfolio Controller | 2020–2021 | Portfolio accounting during corporate transition . |
| The Predictive Index | Director & Corporate Controller | 2018–2020 | Corporate controllership in SaaS HR tech; PE-backed environment . |
| Viral Gains | Controller | 2016–2018 | Oversight of financial operations at digital advertising startup . |
| David Wood & Associates | VP Finance, North America | 2013–2016 | Regional finance leadership; operations in San Francisco . |
| RSM US and regional firms | Public Accounting roles | Prior to 2013 | Audit/tax foundation supporting later SEC and public-company reporting responsibilities . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $192,240 | $234,173 |
| Bonus ($) | $25,000 | $35,000 |
| Stock Awards ($) (grant-date fair value, ASC 718) | $868 | $39,725 |
| All Other Compensation ($) | $31,388 (payroll taxes) | $33,479 (payroll taxes) |
| Notes | NYC reimburses Advisor for salaries/bonuses subject to a cap and “market rate” standard . | Same reimbursement framework; no CEO pay ratio disclosed as NYC has no employees . |
Performance Compensation
NYC’s NEO awards are primarily time-based restricted shares under the 2020 Equity Plan; awards vest in equal 25% tranches over four years. No explicit individual performance metrics (e.g., TSR, revenue, EBITDA) are disclosed for LeSanto’s equity awards; as an externally managed issuer, AR Global determines salaries/bonuses, while NYC’s Advisor may earn variable management fees based on Core Earnings Per Adjusted Share thresholds ($1.17 and $1.56), which are separate from individual NEO plans .
| Metric | Weighting | Target | Actual | Payout | Vesting Terms |
|---|---|---|---|---|---|
| Time-based Restricted Shares (RSAs/RSUs) | N/A | N/A | N/A | Grants as disclosed | 25% annually over 4 years on each anniversary of grant; key grants listed below . |
Restricted Stock Award Detail (LeSanto)
| Grant Date | Shares | Vesting Schedule | Next Vest Commencement |
|---|---|---|---|
| Apr 25, 2022 | 72 | 25% on each of the first four anniversaries of grant | Apr 25 annually |
| Oct 4, 2023 | 80 | As granted (not explicitly stated beyond inclusion in outstanding RS) | N/A |
| Jun 18, 2024 | 4,375 | 25% annually on the first four anniversaries commencing May 22, 2025 | May 22, 2025 |
Outstanding Equity Awards (12/31/2024)
| Name | Unvested Restricted Shares (#) | Market Value ($) at $8.49/share |
|---|---|---|
| Michael LeSanto | 4,527 | $38,434.23 |
Equity Ownership & Alignment
| Ownership Measure | Value |
|---|---|
| Beneficial Ownership (shares) | 4,592 (as of record date Apr 7, 2025) |
| Ownership % of Class | <1% |
| Unvested Restricted Shares | 4,527 (as of 12/31/2024) |
| Hedging | Prohibited for directors and executive officers |
| Pledging | Not disclosed |
| Stock Ownership Guidelines | Not disclosed |
- Share-based compensation framework: 2020 Equity Plan authorizes awards to executives; total plan capacity equals 20% of fully diluted shares; 347,343 shares remained available as of 12/31/2024 .
- Advisor/Property Manager equity payments: Advisor elected to receive stock in lieu of cash for certain fees in 2024 (total ~$1.5M of expense via share issuance), which can create dilution and affect insider supply dynamics .
Employment Terms
| Topic | Disclosure |
|---|---|
| Employment Relationship | NYC is externally managed; NEOs are employees of AR Global affiliates (Advisor/Property Manager). AR Global sets salaries/bonuses; NYC reimburses within caps . |
| Severance (Company-level) | No contractual severance arrangements with NEOs upon termination or change-of-control . |
| Change-of-Control Economics | Advisory Agreement requires NYC to pay Advisor a termination fee upon a change-of-control equal to $15.0M plus 4× “Subject Fees” (a formula tied to base and variable fees) . |
| Clawback | Company maintains a clawback policy pursuant to SEC/NYSE rules; applies to erroneously awarded incentive comp to covered executives for 3 prior fiscal years . |
| Insider Trading Policy | Adopted; governs executives and directors; filed with 2024 10‑K . |
| Non‑Compete/Non‑Solicit/Garden Leave | Not disclosed. |
Investment Implications
- Pay-for-performance alignment: LeSanto’s compensation consists of reimbursed salary/bonus and time-based restricted shares without disclosed performance metrics, limiting direct linkage to TSR/revenue/EBITDA outcomes; incentive fee mechanics exist at the Advisor level based on Core Earnings Per Adjusted Share rather than individual NEO scorecards .
- Vesting and potential selling pressure: 2024 grant begins vesting May 22, 2025 in equal annual tranches, adding incremental tradable supply upon each vest, subject to insider trading windows and hedging prohibitions .
- Governance and alignment risks: External management and significant control by Bellevue Capital (56.5% beneficial ownership; irrevocable proxy above 34.9%) create related-party dynamics and potential dilution via stock-paid fees; compensation is set by AR Global, not NYC’s board, which can weaken direct shareholder alignment signals for NEOs .
- Retention risk: Absence of company-level severance/change-of-control benefits for NEOs suggests reliance on Advisor’s employment arrangements; equity awards with multi-year vesting provide some retention, but lack of performance conditions reduces high-powered incentives .