McSam Hotel Group Sells Garment District Hotel For $166.5M
350 West 39th Street, New York, NY 10018, USA
$166,460,000
$929/SF
Building Size
179,111 SF
Asset Type
Hotel
Closing
Oct 15, 2021
AI
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.
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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93