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ASAP Holdings Acquires East Elmhurst Hotel From Rubicon Companies For $86.5M

Property Image
SOLD
$86,547,452
KC Patel
Nikhil Chuchra
Kevin Davis

New York

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Hotel200,700 SF
Sold 01/15/2021
the dealplayerscompscontact
Property Image
SOLD

ASAP Holdings Acquires East Elmhurst Hotel From Rubicon Companies For $86.5M

102-05 Ditmars Blvd, East Elmhurst, NY, USA

See Similar Deals
Hotel200,700 SF
Sold 01/15/2021
KC Patel
Nikhil Chuchra
Kevin Davis
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Hotel
Price Per Square Foot:$431
Total Square Footage:200,700 SF
Transaction Type:Sale

The asset involved in this transaction is a hotel located at 102-05 Ditmars Blvd in East Elmhurst. The property was sold on January 15, 2021. The hotel is situated close to Marriott Hotels and offers a total of 443 keys. The sale price for the hotel was $86,547,452, with a price per key of $195,366. It is worth noting that the previous sale price for the property was $33,663,600 in January 2017.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $86,547,452
  • Address: 102-05 Ditmars Blvd
  • Market: East Elmhurst

The buyer in this transaction was ASAP Holdings, represented by Frank Yuan and Jerome Yuan. The seller was Rubicon Companies. The deal was facilitated by brokers KC Patel, Kevin Davis, and Nikhil Chuchra from JLL.

Players

Kevin Davis
JLL
Kevin Davis
22 deals$3B volume
BROKER
KC Patel
JLL
KC Patel
3 deals$193.5M volume
BROKER
Nikhil Chuchra
JLL
Nikhil Chuchra
2 deals$103.5M volume
BROKER
AH
ASAP Holdings
BUYER
AH
ASAP Holdings
BUYER

Details

SOLD
IMAGE: Kevin Davis, Nikhil Chuchra, Frank Yuan, KC Patel, Jerome Yuan DATE: 01/15/2021 ADDRESS: 102-05 Ditmars Blvd @MarriottHotels MARKET: East Elmhurst ASSET TYPE: Hotel BUYER: ASAP Holdings - Frank Yuan & Jerome Yuan (@ASAPShow) SELLER: Rubicon Companies BROKERS: KC Patel, Kevin Davis & Nikhil Chuchra - JLL PRICE: $86,547,452 KEYS: 443 ~ PPK: $195,366 LAST SALE PRICE: $33,663,600 (01/2017)

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$307,484.83
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