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Rockabill Development Acquires Upper West Side Hotel For $12.6M

Property Image
SOLD
$12,600,000

New York

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Hotel21,143 SF
Sold 05/26/2020
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Property Image
SOLD

Rockabill Development Acquires Upper West Side Hotel For $12.6M

235 W 107th St, Manhattan, New York, NY, USA

See Similar Deals
Hotel21,143 SF
Sold 05/26/2020
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Summary

NEW YORK
Asset Type:Hotel
Price Per Square Foot:$595
Total Square Footage:21,143 SF
Transaction Type:Sale

A hotel located at 235 West 107th St. in the Upper West Side neighborhood of New York City has been sold for a total of $12,600,000. The property, which is owned by the Margules Family Partnership LP and represented by Rubin Margules, comprises 64 units with an average price per unit of $196,875. In terms of square footage, the hotel spans 21,143 square feet, resulting in a price per square foot of $595.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $12,600,000
  • Units: 64
  • Price per Unit: $196,875
  • Square Footage: 21,143
  • Price per Square Foot: $595
  • Address: 235 West 107th St., Upper West Side, New York City

The buyer of the property is Rockabill Development, represented by Niall Murray and the Goddard Riverside Community Center. They acquired the hotel from the Margules Family Partnership LP, with Rubin Margules acting as the seller's representative. This transaction took place on May 26, 2021.

Players

BUYER

2 deals$15.5M volume
SELLER

Details

SOLD
IMAGE: Niall Murray DATE: 05/26/2021 ADDRESS: 235 West 107th St. MARKET: Upper West Side ASSET TYPE: Hotel BUYER: Rockabill Development - Niall Murray & Goddard Riverside Community Center SELLER: Margules Family Partnership LP - Rubin Margules SALE PRICE: $12,600,000 UNITS: 64 ~ PPU: $196,875 SF: 21,143 ~ PPSF: $595

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$672,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$44,765.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,730.43
Annual Debt Service$716,765.14