Benzion Lebovits Acquires Long Island City Hotel For $34.75M
SOLD
$34,750,000
New York
See Similar DealsHotel80,200 SF
Sold 08/08/2023
SOLD
Benzion Lebovits Acquires Long Island City Hotel For $34.75M
37-06 36th St Long Island City, NY 11101, USA
See Similar DealsHotel80,200 SF
Sold 08/08/2023
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$433
Total Square Footage:80,200 SF
Transaction Type:Sale
The hotel located at 37-06 36th Street in Long Island City has been sold. The transaction took place on August 8, 2023, for a total sale price of $34,750,000. The hotel spans a total area of 80,200 square feet and has a price per square foot of $433.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $34,750,000
- Address: 37-06 36th Street, Long Island City
- Square Footage: 80,200
- Price per Square Foot: $433
The buyer of the hotel is Benzion Lebovits. Representing the buyer in this transaction is Abe Wurzberger from SPR Group.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,853,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$123,459.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$164,732.73
Annual Debt Service$1,976,792.74
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