Hartz Mountain Industries Acquires Hotel In Newark For $34M
550 US 1-9 Local, Newark, New Jersey 07114, United States
$34,000,000
Building Size
—
Asset Type
Hotel
Closing
Aug 9, 2022
AI
The property involved in the transaction is a hotel located at 550 US Highway 1 & 9 in Newark. The sale of the hotel took place on 08/10/2022 for a total price of $34,000,000. Leonard Stern represented Hartz Mountain Industries as the buyer in the transaction. The seller's representative was Eric Anton from Marcus & Millichap.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $34,000,000
- Buyer: Hartz Mountain Industries - Leonard Stern
- Seller's Representative: Eric Anton - Marcus & Millichap
Leonard Stern, representing Hartz Mountain Industries, acted as the buyer in the transaction. Eric Anton, from Marcus & Millichap, represented the seller. The deal involved the sale of the hotel property located at 550 US Highway 1 & 9 in Newark.
Players
Newark Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93