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:
- Property Type: Hotel
- Transaction Amount: Not specified
- Landlord: Capstone Equities
- Tenant: Gil Rubenstein
- Broker: Ben Sabin - RIPCO
- Broker: Danny Volk - Vantage Real Estate Advisors
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
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