18 Main Acquires Historic Hotel In SoHo, Manhattan For $14M
431 Broome St New York, NY 10013, USA
$14,050,000
$1,405/SF
Building Size
10,000 SF
Asset Type
Hotel
Closing
Aug 18, 2023
About this deal
AI
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
- Property Type: Hotel
- Transaction Amount: $14,050,000
- Address: 431 Broome Street, SoHo, Manhattan
- Market: SoHo, Manhattan
- Buyer: 18 Main - Tom Intrator & Joseph Ammar
- Seller: Vincent Boitier
- Brokers: Raphael Sitruk, David Mayer & Michael Hania - The Corcoran Group
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.
On the Map
$14,050,000
$1,405/SF
Hotel
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New York Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93