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1141 Broadway

Updated Dec 4, 2024

Azora Exan Buys Flatiron Hotel From Premier Equities For $47.9M
SOLDHotel

Azora Exan Buys Flatiron Hotel From Premier Equities For $47.9M

1141 Broadway

$47,900,000

Building Size

—

Asset Type

Hotel

Closing

Jun 6, 2024

About this deal

AI

The 64-room Flatiron Hotel located at 1141 Broadway/ 9 W 26 Street in the Flatiron market was sold for $47.9 million. The property was acquired by Azora Exan, the U.S. arm of European real estate investment firm Azora, from Premier Equities. The sale price equated to $1,547 per square foot.

Summary of transaction details:

Adam Etra, Adam Spies, Marcella Fasulo, Meaghan Philbin, and Michael Collins from Newmark facilitated the successful sale of the Flatiron Hotel. Premier Equities managed to sell the renovated hotel after it spent a year on the market, ultimately closing the deal with Azora Exan for $47.9 million.

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$47,900,000

Hotel

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Players

Adam Spies
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Adam Spies

Newmark

Broker

$74.2B

vol

273 deals

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.33%

Cash-on-Cash

-0.09%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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