Bayrock Capital Acquires Corona Hotel From The Moinian Group For $50M
3710 114th St, Queens, NY, 11368
$50,000,000
Building Size
—
Asset Type
Hotel
Closing
Jan 5, 2023
About this deal
AI
The property involved in the transaction is a Hotel located at 3710 114th St, Queens, NY, 11368, in the Corona market. The sale took place on January 5, 2023, with the buyer being Bayrock Capital and the seller being The Moinian Group. The sale price for this asset was $50,000,000.00.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $50,000,000.00
- Buyer: Bayrock Capital
- Buyer's Representatives: Kevin Louie (Ripco), Stephen R. Preuss Sr. (Ripco)
- Seller: The Moinian Group
- Address: 3710 114th St, Queens, NY, 11368
- Market: Corona
The buyer's representatives involved in the deal were Kevin Louie from Ripco and Stephen R. Preuss Sr. from Ripco. Both parties came to an agreement, finalizing the transaction smoothly.
Players
Corona 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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93