Barings Acquires Garment District Hotel In Manhattan For $73.7M
307 West 37th Street, New York City, New York 10018, United States
$73,666,715
$716/SF
Building Size
102,824 SF
Asset Type
Hotel
Closing
Sep 29, 2022
About this deal
AI
The Garment District in Manhattan has seen a recent closed transaction involving a hotel property. Located at 307-311 West 37th Street, this hotel asset has been sold for a significant amount.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $73,666,715
- Address: 307-311 West 37th Street
- Market: Garment District, Manhattan
Barings, represented by Danielle D'Ambrosio, emerged as the buyer in this deal. Watermark Capital Partners, led by Brendan Medzigian, along with Watermark Lodging Trust, acted as the seller.
The sale of this hotel property marks a significant transaction in the Garment District. The property spans an area of 102,824 square feet, with a price per square foot (PPSF) of $716.
On the Map
$73,666,715
$716/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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93