Yellowstone Real Estate Investments Acquires Hotel In Midtown Manhattan For $175M
440 West 57th Street, Manhattan, New York, NY, USA
$175,000,000
$396/SF
Building Size
441,258 SF
Asset Type
Hotel
Closing
Apr 5, 2021
About this deal
AI
440 W. 57th St. in Midtown has been sold for a price of $175,000,000. The property is a hotel with a total area of 441,258 square feet, equating to a price per square foot of $396. It consists of 600 units, with an average price per unit of $291,666. The previous sale of the property took place in May 2016 for a price of $148,800,000.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $175,000,000
- Address: 440 W. 57th St.
- Market: Midtown
- Square Footage: 441,258
- Price per Square Foot: $396
- Number of Units: 600
- Price per Unit: $291,666
- Last Sale Price: $148,800,000 (5/2016)
The buyer of the property is Issac Hera, represented by Yellowstone Real Estate Investments. The seller is HSBC. The deal was facilitated by Gary Phillips, Will Silverman, Nicholas Seidenberg, Scott Ellman, and Alyssa Kidd, who work for Eastdil Secured.
On the Map
$175,000,000
$396/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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93