Tomer Pomeranz Of Summit Properties Signs $22.1M Ground Lease For Shoreham Hotel In Midtown Manhattan
39 West 55th Street
Building Size
40,197 SF
Asset Type
Hotel
Closing
Apr 30, 2025
About this deal
AI
The asset involved in this transaction is a hotel located at 39 West 55th Street in Midtown West, Manhattan. The property is under a ground lease, valued at $22,100,000, covering a total square footage of 40,197.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $22,100,000
- Square Footage: 40,197
- Address: 39 West 55th Street
- Market: Midtown West, Manhattan
- Lease Type: Ground lease
- Landlord: Larry Wohl
- Tenant: Tomer Pomeranz - Summit Properties
In this transaction, Tomer Pomeranz, representing Summit Properties, signed a ground lease extension through the year 2121 via Shoreham Hotel Holding LLC for the specified property, which is one of the two buildings that comprise the Shoreham Hotel in Midtown Manhattan.
On the Map
Hotel
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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