Shai Shamir Acquires Downtown Brooklyn Hotel For $29.7M
SOLD
$29,700,000
New York
See Similar DealsHotel85,382 SF
Sold 11/01/2021
SOLD
Shai Shamir Acquires Downtown Brooklyn Hotel For $29.7M
40 Nevins Street, Downtown Brooklyn, Brooklyn, NY, USA
See Similar DealsHotel85,382 SF
Sold 11/01/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$347
Total Square Footage:85,382 SF
Transaction Type:Sale
A Hotel located at 40 Nevins Street in Downtown Brooklyn has been sold for $29,700,000. The property spans 85,382 square feet with a price per square foot of $347. The transaction took place on 11/01/2021. The previous sale of the hotel occurred on 11/2013 for $19,000,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $29,700,000
- Address: 40 Nevins Street
- Market: Downtown Brooklyn
- Square Footage: 85,382
- Price Per Square Foot: $347
- Last Sale Price: $19,000,000 (11/2013)
The buyer of the hotel is Shai Shamir. No further details about the buyer's representation or any other parties involved in the transaction are available.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,584,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$105,517.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$140,793.15
Annual Debt Service$1,689,517.83
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