Christopher J. Nassetta & Mark Wang Acquire Hotel In Midtown For $58.4M
12 East 48th Street, New York, NY 10017
$58,400,000
$3,952/SF
Building Size
14,774 SF
Asset Type
Hotel
Closing
Jul 26, 2020
AI
An hotel located at 12 East 48th Street in Midtown was sold in a closed transaction. The property was acquired by Christopher J. Nassetta and Mark Wang from Hilton Grand Vacations. The seller was Henry R. Silverman, represented by 54 Madison Partners.
Summary of transaction details
- Property Type: Hotel
- Transaction Price: $58,400,000
- Date: 07/26/2021
- Market: Midtown
Christopher J. Nassetta and Mark Wang purchased the hotel property located at 12 East 48th Street in Midtown. They acquired the property from Hilton Grand Vacations for a total amount of $58,400,000. The seller, Henry R. Silverman, was represented by 54 Madison Partners.
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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93