Mitchell Holdings Acquires Herald Square Hotel From Puchall Family For $38.5M
19 W 31st St, New York, NY, 10001
$38,500,000
Building Size
—
Asset Type
Hotel
Closing
Jul 7, 2015
AI
The Herald Square Hotel, located at 19-21 W 31st St in New York, NY 10001, was sold for $38.5 million. Mitchell Holdings acquired the 96-key hotel from the Puchall family. Robert Skinner from Rutenberg Realty NY represented the seller, while Peter Kim from StarBridge Commercial represented the buyer.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $38,500,000.00
- Market: New York
- Buyer: Mitchell Holdings
- Buyer's Rep: Peter Kim (JLL)
- Seller: Puchall family
- Seller's Rep: Robert Skinner (INK Real Estate Partners)
During the transaction, Peter Kim of StarBridge Commercial represented the buyer, Mitchell Holdings, while he was associated with Tri-State Hanmi Realty. Robert Skinner from Rutenberg Realty NY represented the seller, the Puchall family, in the sale of the Herald Square Hotel.
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
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93