Timeshare Acquisitions Acquires Lexington Avenue Hotel In Midtown East For $41.4M
501 Lexington Avenue, New York City, New York 10017, United States
$41,400,000
$447/SF
Building Size
92,501 SF
Asset Type
Hotel
Closing
Feb 24, 2022
About this deal
AI
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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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93