McSam Hotel Group Sells Garment District Hotel For $166.5M
SOLD
$166,460,000
New York
See Similar DealsHotel179,111 SF
Sold 10/15/2021
SOLD
McSam Hotel Group Sells Garment District Hotel For $166.5M
350 West 39th Street, New York, NY 10018, USA
See Similar DealsHotel179,111 SF
Sold 10/15/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$929
Total Square Footage:179,111 SF
Transaction Type:Sale
The Garment District hotel located at 350 West 39th Street has been sold in a transaction valued at $166,460,000. The property, owned by the McSam Hotel Group and represented by Sam Chang, consists of 179,111 square feet with a price per square foot of $929. It offers 520 keys, resulting in a price per key of $320,115.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $166,460,000
- Address: 350 West 39th Street
- Market: Garment District
- Seller: McSam Hotel Group - Sam Chang
- Price per Square Foot: $929
- Keys: 520
- Price per Key: $320,115
The sale of this Garment District hotel was facilitated by Sam Chang, representing the McSam Hotel Group throughout the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,877,866.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$591,397.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$789,105.32
Annual Debt Service$9,469,263.89
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