Hardip Shah Acquires Hotel In Long Island For $7.8M
300 Bay Shore Road, Bay Shore, NY, USA
$7,800,000
$52/SF
Building Size
150,000 SF
Asset Type
Hotel
Closing
Aug 23, 2021
About this deal
AI
A hotel located at 300 Bay Shore Road in Long Island has been sold for a total price of $7,800,000. The transaction took place on August 23, 2021.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $7,800,000
- Address: 300 Bay Shore Road
- Market: Long Island
The buyer of the hotel is Hardip Shah, while the seller is Neil Wagner. The deal was facilitated by Michael Steinberg and Candy Huang of Empire Business Management acting as brokers for the transaction.
The hotel comprises a total of 72 units, resulting in a price per unit (PPU) of $108,333. The property spans 150,000 square feet, with a price per square foot (PPSF) of $52.
Players
Bay Shore 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
2.03%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93