Bayrock Capital Acquires Wyndham Garden Long Island City Hotel In $23.98M Deal
$23,980,000
Building Size
—
Asset Type
Hotel
Closing
Nov 1, 2023
AI
Bayrock Capital, represented by Marc Glassman of Bayrock Capital, has acquired the 128-room Wyndham Garden Long Island City hotel in Queens, N.Y., for $23.98 million. The hotel is located at 44-29 9th Avenue in the Long Island City market. The transaction was completed with an affiliate of Premium Capital New York Inc.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $23,980,000
- Address: 44-29 9th Avenue - Wyndham Garden Long Island City
- Market: Long Island City
Bayrock Capital, headed by Marc Glassman, acquired the 128-room Wyndham Garden Long Island City hotel for $23.98 million from an affiliate of Premium Capital New York Inc.
Market Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93