Christopher J. Nassetta & Mark Wang Acquire Hotel In Midtown For $58.4M
SOLD
$58,400,000
New York
See Similar DealsHotel14,774 SF
Sold 07/26/2020
SOLD
Christopher J. Nassetta & Mark Wang Acquire Hotel In Midtown For $58.4M
12 East 48th Street, New York, NY 10017
See Similar DealsHotel14,774 SF
Sold 07/26/2020
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$3,952
Total Square Footage:14,774 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,114,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$207,482.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$276,845.79
Annual Debt Service$3,322,149.53
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