Wharton Properties Leases Midtown Hotel To Sonder
25 West 34th Street, New York City, New York 10001, United States
$300,000,000
$16,901/SF
Building Size
17,750 SF
Asset Type
Hotel
Closing
Nov 29, 2021
About this deal
AI
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.
On the Map
$300,000,000
$16,901/SF
Hotel
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Players
New York 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
0.05%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93