Wharton Properties Leases Midtown Hotel To Sonder
SOLD
$300,000,000
New York
See Similar DealsHotel17,750 SF
Sold 11/30/2021
SOLD
Wharton Properties Leases Midtown Hotel To Sonder
25 West 34th Street, New York City, New York 10001, United States
See Similar DealsHotel17,750 SF
Sold 11/30/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$16,901
Total Square Footage:17,750 SF
Transaction Type:Sale
The property involved in this lease transaction is a hotel located at 25 West 34th Street in Midtown. The lease was agreed upon between the landlord, Wharton Properties - Joseph Sutton & Jeff Sutton, and the tenant, Sonder. The lease terms are set for 15 years.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $300,000,000
- Address: 25 West 34th Street
- Market: Midtown
- Landlord: Wharton Properties - Joseph Sutton & Jeff Sutton
- Tenant: Sonder
- Asking Rent: $300,000,000
- Square Footage: 176,375
- Keys: 363
- Lease Terms: 15 years
In this transaction, the landlord, Wharton Properties - Joseph Sutton & Jeff Sutton, represented their own interests. Sonder, on the other hand, was not represented by a broker in this deal.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$16,000,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,065,836.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,422,153.05
Annual Debt Service$17,065,836.63
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