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653 11th Avenue

Gil Rubenstein Leases Hotel Space At 653 11th Avenue In Hell's Kitchen From Capstone Equities
LEASEDHotel

Gil Rubenstein Leases Hotel Space At 653 11th Avenue In Hell's Kitchen From Capstone Equities

653 11th Avenue

$75

$75/SF

Building Size

13,700 SF

Asset Type

Hotel

Closing

Dec 12, 2024

AI

The property asset involved in this transaction is a hotel located at 653 11th Avenue in the Hell’s Kitchen market. The asset spans 13,700 square feet and operates under a Modified Gross Lease agreement.

Summary of transaction details:

The deal involved notable individuals and companies, including the landlord Capstone Equities, representing a significant player in the real estate market. The tenant, Gil Rubenstein, specializes in hotel management, while the brokers involved, Ben Sabin and Danny Volk, represent reputable agencies in the real estate sector, facilitating the leasing process.

Players

Ben Sabin

Ripco

Broker

3 deals

Broker
Ripco
RipcoBrokerage

New York Hotel Market Snapshot

Boundary boundary · Hotel · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

211506.67%

Cash-on-Cash

-60449.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93