Hudson West Hospitality Acquires Hudson River Hotel In Midtown For $18.2M
442 West 36th Street
$18,200,000
$894/SF
Building Size
20,344 SF
Asset Type
Hotel
Closing
Jun 19, 2024
About this deal
AI
The Hudson River Hotel located at 442 West 36th Street in Hell's Kitchen, Manhattan, was recently sold for $18.2 million. The asset, a hotel property spanning 20,344 square feet with 56 keys, was acquired by Hudson West Hospitality. The sale price translates to $895 per square foot, and each key was sold at an average of $325,000. The transaction was facilitated by brokers Jerry Swon, Leo Reilly, and Robert Hunter from Marcus & Millichap.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: $18,200,000
- Address: 442 West 36th Street
- Market: Hell's Kitchen, Manhattan
- Square Footage: 20,344
- Keys: 56
- Price Per Square Foot: $895
- Price Per Key: $325,000
- Buyer: Hudson West Hospitality
- Brokers: Jerry Swon, Leo Reilly & Robert Hunter - Marcus & Millichap
The sale of the Hudson River Hotel at $18.2 million was marked by the successful involvement of Marcus & Millichap's brokerage team, led by Jerry Swon, Leo Reilly, and Robert Hunter. The deal, which concluded after several unsuccessful attempts to sell the 56-room property near Hudson Yards, signifies a significant transaction in the competitive real estate market of Midtown, Manhattan.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.87%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93