Timeshare Acquisitions Acquires Lexington Avenue Hotel In Midtown East For $41.4M
SOLD
$41,400,000
New York
See Similar DealsHotel92,501 SF
Sold 02/25/2022
SOLD
Timeshare Acquisitions Acquires Lexington Avenue Hotel In Midtown East For $41.4M
501 Lexington Avenue, New York City, New York 10017, United States
See Similar DealsHotel92,501 SF
Sold 02/25/2022
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$447
Total Square Footage:92,501 SF
Transaction Type:Sale
The Roger Smith Hotel in Midtown East has been sold for a total of $41,400,000. The hotel, located at 501 Lexington Avenue, encompasses a total area of 92,501 square feet and sold for a price of $447 per square foot. The transaction took place on February 25, 2022.
Summary of transaction details
- Property Type: Hotel
- Sale Price: $41,400,000
- Address: 501 Lexington Avenue
- Market: Midtown East
- Size: 92,501 sq ft
- Price per Square Foot: $447
Timeshare Acquisitions emerged as the buyer of the Roger Smith Hotel, while James Knowles represented the seller. The transaction involved a total of 134 keys and a price per key of $308,955. No additional information about the deal was provided.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,208,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$147,085.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$196,257.12
Annual Debt Service$2,355,085.46
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