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David Schwartz & Martin Nussbaum Acquire Radisson Hotel In Financial District For $95M
SOLD
$95,000,000
New York
See Similar DealsHotel
Sold 12/24/2024
SOLD
David Schwartz & Martin Nussbaum Acquire Radisson Hotel In Financial District For $95M
52 William Street
See Similar DealsHotel
Sold 12/24/2024
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Sale
The Radisson Hotel, located at 52 William Street in the Financial District, was sold for $95,000,000. The property consists of 289 keys, with a price per key of $328,720.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $95,000,000
- Buyer: David Schwartz & Martin Nussbaum - Slate Property Group
- Seller: Sam Chang
Slate Property Group, led by David Schwartz and Martin Nussbaum, is known for undertaking multifamily projects and has a history of hotel-to-housing conversions, including past projects like the JFK Hilton and a Hampton Inn in Lower Manhattan.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$337,514.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$450,348.47
Annual Debt Service$5,404,181.60
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