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
About this deal
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.
On the Map
$38,500,000
Hotel
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New York Hotel Market Snapshot
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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