Mayfair Hotel Group Leases Hotel In New York City's Midtown For $50/ft. For 49 Years
242 West 49th Street
$6,400,000
$300/SF
Building Size
21,273 SF
Asset Type
Hotel
Closing
Feb 3, 2023
About this deal
AI
The Mayfair Hotel Group has signed a lease agreement for a hotel located at 242 West 49th Street in New York City. The property, with an area of 21,273 square feet, is being leased from landlord Robert Ernstoff. The lease term is set for 49 years. The asking rent for the hotel is $50 per square foot.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: Lease
- Address: 242 West 49th Street, New York City
- Landlord: Robert Ernstoff
- Tenant: Mayfair Hotel Group
- Asking Rent: $50/ft. ~ SF: 21,273
- Lease Term: 49 years
The lease agreement was facilitated by Noah Kossoff of Avison Young, who represented the Mayfair Hotel Group as their broker in the deal.
Players
Market 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
2.48%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93