PIMCO Acquires Garment District Hotel From Deutsche Bank For $67.5M
SOLD
$67,500,000
New York
See Similar DealsHotel4,938 SF
Sold 03/08/2021
SOLD
PIMCO Acquires Garment District Hotel From Deutsche Bank For $67.5M
16 East 39th Street, New York, NY, USA
See Similar DealsHotel4,938 SF
Sold 03/08/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$13,669
Total Square Footage:4,938 SF
Transaction Type:Sale
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
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,600,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$239,813.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$319,984.44
Annual Debt Service$3,839,813.24
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