Deutsche Bank Provides $173.3M Loan For Lower East Side Hotel At 215 Chrystie St
215 Chrystie Street, New York, NY 10002, USA
$173,250,000
$1,034/SF
Building Size
167,453 SF
Asset Type
Hotel
Closing
Mar 28, 2019
About this deal
AI
Deutsche Bank has provided a loan of $173,250,000 for the hotel located at 215 Chrystie St in Lower East Side. The property is a hotel with 370 rooms and is owned by The Witkoff Group and Ian Schrager. The transaction took place on 03/29/2019. The asset is known as PublicHotels.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $173,250,000
- Address: 215 Chrystie St
- Market: Lower East Side
- Lender: Deutsche Bank
- Landlord: The Witkoff Group & Ian Schrager
- Brokers: Jordan Roeschlaub & Dustin Stolly
Jordan Roeschlaub and Dustin Stolly, from newmarkkf, represented the parties involved in the transaction alongside Christian Sewing, the CEO of Deutsche Bank. The loan provides financial support to The Witkoff Group and Ian Schrager, the landlords of the property at 215 Chrystie St.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93