Muk Patel Acquires Hotel & Bank In Commack For $13.8M
2231 Jericho Turnpike
$13,800,000
$115/SF
Building Size
120,000 SF
Asset Type
Hotel
Closing
Dec 20, 2022
About this deal
AI
2231 Jericho Turnpike, located in Commack, has been sold in a recent transaction. The property consists of a hotel and bank and was sold for a price of $13,800,000. The total square footage of the property is approximately 120,000, resulting in a price per square foot of $115.
Summary of transaction details
- Property Type: Hotel & Bank
- Transaction Amount: $13,800,000
- Address: 2231 Jericho Turnpike
- Market: Commack
Muk Patel has acquired the property from David Marquez. The transaction was facilitated by Michael Steinberg and Joseph Lanciotti of Hedgestone Business Advisors, who represented both the buyer and the seller.
On the Map
$13,800,000
$115/SF
Hotel
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Players
Commack 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
1.15%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93