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510 West 42nd Street

BD Hotels Secures $10 Million Loan For 510 West 42nd Street Hotel In Hell's Kitchen, Manhattan
FINANCEDHotel

BD Hotels Secures $10 Million Loan For 510 West 42nd Street Hotel In Hell's Kitchen, Manhattan

510 West 42nd Street

$10,000,000

$127/SF

Building Size

78,333 SF

Asset Type

Hotel

Closing

Aug 31, 2023

AI

BD Hotels, owned by Richard Born, has secured a $10 million loan from Israel Discount Bank for the fee under the hotel building at 510 West 42nd Street in Hell's Kitchen, Manhattan. The hotel is a boutique property known as Cachet Boutique Hotel NYC, with a total square footage of 78,333. Situated in the trendy neighborhood of Hell's Kitchen, the hotel offers a prime location for guests to explore all that Manhattan has to offer.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $10,000,000
  • Address: 510 West 42nd Street, Hell's Kitchen, Manhattan
  • Market: Hell's Kitchen, Manhattan
  • Asset Size: 78,333 square feet

The loan was facilitated by Jeremy Romine and Elena Dokianos, representatives of Israel Discount Bank. Richard Born, through his company West 42nd Street Developers, LLC, secured the loan on behalf of BD Hotels. Israel Discount Bank, a well-established financial institution, played a crucial role in providing the necessary funds for the acquisition of the hotel property.

Players

Israel Discount Bank
Israel Discount Bank Lender

Richard Born

BD Hotels

Landlord

$486.7M

vol

7 deals

Landlord

New York Hotel Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.59%

Cash-on-Cash

-0.45%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93