PIMCO Acquires Garment District Hotel From Deutsche Bank For $67.5M
16 East 39th Street, New York, NY, USA
$67,500,000
$13,669/SF
Building Size
4,938 SF
Asset Type
Hotel
Closing
Mar 7, 2021
AI
The property involved in this closed note sale transaction is a hotel located at 16 East 39th Street in the Garment District. The property is zoned as C5-2.5, MiD. The transaction took place on 03/08/2021 and the sale price was $67,500,000. The buyer in this transaction was PIMCO, while the seller was Deutsche Bank.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $67,500,000
- Address: 16 East 39th Street
- Market: Garment District
- Zoning: C5-2.5, MiD
- Buyer: PIMCO
- Seller: Deutsche Bank
Emmanuel Roman and Christian Sewing were involved in this transaction as representatives of the buyer and seller, respectively.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93