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18 Main Acquires Historic Hotel In SoHo, Manhattan For $14M

Property Image
SOLD
$14,050,000

New York

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Hotel10,000 SF
Sold 08/18/2023
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Property Image
SOLD

18 Main Acquires Historic Hotel In SoHo, Manhattan For $14M

431 Broome St New York, NY 10013, USA

See Similar Deals
Hotel10,000 SF
Sold 08/18/2023
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Summary

NEW YORK
Asset Type:Hotel
Price Per Square Foot:$1,405
Total Square Footage:10,000 SF
Transaction Type:Sale

The historic hotel located at 431 Broome Street in SoHo, Manhattan has been sold for a price of $14,050,000. The property spans across 10,000 square feet, resulting in a price per square foot of $1,405. The sale was completed on 08/18/2023.

Summary of transaction details

The sale of this historic asset was facilitated by brokers Raphael Sitruk, David Mayer, and Michael Hania of The Corcoran Group. It is noteworthy that the MSH Team represented both the seller, Vincent Boitier, and the buyer, 18 Main - Tom Intrator & Joseph Ammar, in this transaction, showcasing their expertise in luxury real estate regardless of the property's size or type. For more information or inquiries, please contact 646-717-3990.

Players

David Mayer
2 deals$40.1M volume(917) 783-0707
BROKER

Raphael Sitruk
The Corcoran Group
2 deals$40.1M volume(646) 717-3990
BROKER

Michael Hania
The Corcoran Group
2 deals$40.1M volume(917) 302-8762
BROKER

BUYER

Details

SOLD
IMAGE: David Mayer, Tom Intrator, Raphael Sitruk, Joseph Ammar & Michael Hania DATE: 08/18/2023 ADDRESS: 431 Broome Street MARKET: SoHo, Manhattan ASSET TYPE: Hotel BUYER: 18 Main - Tom Intrator & Joseph Ammar SELLER: Vincent Boitier BROKERS: Raphael Sitruk (@Raphael.Sitruk), David Mayer (@DavidMayer5) & Michael Hania (@MichaelHanianyc) - The Corcoran Group SALE PRICE: $14,050,000 SF: 10,000 ~ PPSF: $1,405 NOTE FROM BROKER: B”H The MSH Team is glad to be representing both the Seller and the Buyer on the sale of this Historic Asset. This confirms our strong reputation as Luxury Real Estate specialists no matter the size or type of property. Reach out 646-717-3990

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$749,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$49,916.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$66,604.17
Annual Debt Service$799,250.02