New York Property

retail property

Midtown Hotel

Total NOI is about $5.5mm. At a price of $159 Mm it is a 3.9 cap.
* Pricing for one hotel is less than $940 psf and the other is less than $1,190 psf which is significantly below replacement cost (estimated total development cost today is at least $1,700 psf).
* Both hotels underwent renovations about a year ago and are in excellent condition.
* Both hotels have enjoyed 95% occupancy levels for the past several years.
* Both hotels will be delivered unencumbered by management or brand.
NOI would be $6.5mm with no license fee of $1mm on one hotel. Hotels will be delivered free of management and brand.
* There is significant upside for many reasons that we can discuss.

We are Direct
$479 per key. So about $85 each. 4% cap.
To sell it separately this is the price
182 X $ 93 millions
171X $ 88 millions
Not accurate. See below.
NYMA is 171 rooms and 80,185 sf. LQ is 182 rooms and 64,577 sf with 4,543 sf of unused additional air-rights which would be perfect for penthouse.
This is a very off the market Deal if you are interested it must be quick and quiet there is a window here , must register your buyer here with the seller !