Joshua Bird Of JBAK Investments LLC Acquires Hotel From Joel Towers Of The New School For $51.5M
131 East 12th Street
$51,500,000
$879/SF
Building Size
58,578 SF
Asset Type
Hotel
Closing
Aug 16, 2026
About this deal
AI
A hotel property located at 131 East 12th Street in the East Village, Manhattan, was sold for $51,500,000. The asset spans a total of 58,578 square feet, resulting in a sale price of $879 per square foot within the Midtown Manhattan submarket.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $51,500,000
- Square Footage: 58,578
- Price per Square Foot: $879
- Buyer: Joshua Bird - JBAK Investments LLC
- Seller: Joel Towers - The New School
The acquisition involved Joshua Bird, representing JBAK Investments LLC, purchasing the property from Joel Towers, who represented The New School. This transaction highlights a significant institutional hospitality deal in the real estate market.
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
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93