Republic Investment Company Acquires Hotel Ground Lease In Grand Central For $209/ft
118 East 40th Street, New York City, New York 10016, United States
Building Size
74,640 SF
Asset Type
Hotel
Closing
May 5, 2022
About this deal
AI
The ground lease for a hotel property located at 118 East 40th Street in the Grand Central market has been transacted. The buyer in this deal is Republic Investment Company, while the seller is Meadow Partners. The lease terms for this transaction are 99 years, and the asking rent was $209 per square foot. The total square footage of the property is 74,640 square feet.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: N/A
- Market: Grand Central
- Address: 118 East 40th Street
This ground lease deal was facilitated by Republic Investment Company as the buyer's representative. Unfortunately, no additional information regarding any brokers or representatives for the seller or the lease transaction is available.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Lease transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93