Jay Sugarman & Marcos Alvarado - Safehold Inc. Acquires Hotel In Nomad For $77.5M
32 West 29th Street, Manhattan, New York, NY, USA
$26,500,000
$528/SF
Building Size
50,150 SF
Asset Type
Hotel
Closing
Jul 26, 2021
AI
1170 Broadway, located in the Nomad market, was sold in a note sale transaction. The property is a hotel with a total area of 112,608 square feet. The sale price for the property amounted to $77,456,250, resulting in a price per square foot of $687.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $77,456,250
- Address: 1170 Broadway
- Market: Nomad
- Square Footage: 112,608
- Price per Square Foot: $687
The buyer in this transaction was Jay Sugarman & Marcos Alvarado, representing Safehold Inc. The seller was Haddad Brands.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93