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Shulem Herman Acquires Crowne Plaza JFK Airport Hotel From GFI Capital For $84 Million In Jamaica
SOLD
$84,000,000
New York
See Similar DealsHotel
Sold 09/28/2023
SOLD
Shulem Herman Acquires Crowne Plaza JFK Airport Hotel From GFI Capital For $84 Million In Jamaica
138-10 135th Avenue
See Similar DealsHotel
Sold 09/28/2023
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Sale
The Crowne Plaza JFK Airport hotel located at 138-10 135th Ave in Jamaica, Queens, was sold for $84 million. The hotel comprises 335 rooms, with each room valued at approximately $250,746.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $84,000,000
- Buyer: Shulem Herman
- Seller: GFI Capital Resources Group - Allen Gross
- Number of Rooms: 335
- Price Per Key: $250,746
- Date of Sale: 09/28/2023
Shulem Herman acted as the buyer in this transaction, while GFI Capital Resources Group, represented by Allen Gross, was the seller. The transaction reflects a significant investment in the hospitality sector within the Jamaica, Queens market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,480,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$298,434.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$398,202.85
Annual Debt Service$4,778,434.26
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