Reuben Brothers Acquire Hotel On Upper East Side For $150.1M
20 East 76th Street, New York, NY, USA
$150,150,000
$1,107/SF
Building Size
135,582 SF
Asset Type
Hotel
Closing
Dec 3, 2020
About this deal
AI
The Reuben Brothers have added another property to their portfolio with the acquisition of the hotel located at 20 East 76th Street in the Upper East Side of New York City. The property, with a total area of 135,582 square feet, was sold for a price of $150,150,000, which translates to a price per square foot of $1,107. The hotel consists of 190 keys, making the price per key amount to $790,263.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $150,150,000
- Address: 20 East 76th Street
- Market: Upper East Side
- Asset Type: Hotel
- Zoning: C5-1, R8B, MP
The deal was facilitated by Simon Reuben and David Reuben, known for their successful real estate investments. As the buyers, Reuben Brothers continue to expand their presence in the New York City market. This acquisition adds to their impressive portfolio of properties.
On the Map
$150,150,000
$1,107/SF
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93