McSam Hotel Group Sells 70% Stake In Hudson Yards Hotel For $47.4M
SOLD
$47,398,365
New York
See Similar DealsHotel7,435 SF
Sold 06/25/2021
SOLD
McSam Hotel Group Sells 70% Stake In Hudson Yards Hotel For $47.4M
523-529 8th Avenue, New York, NY, USA
See Similar DealsHotel7,435 SF
Sold 06/25/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$6,375
Total Square Footage:7,435 SF
Transaction Type:Sale
A hotel located at 523-529 Eighth Avenue in Hudson Yards was recently sold in a transaction. The hotel consists of 320 units and is part of the Hudson Yards market.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $47,398,365
- Seller: McSam Hotel Group - Sam Chang
- Stake Sold: 70%
The buyer of the hotel remains undisclosed. The sale took place on June 25, 2021. Sam Chang, representing McSam Hotel Group, acted as the seller's representative in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,527,912.80
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$168,396.38
Cash-on-Cash Return-1.27%
Monthly Debt Service$224,692.43
Annual Debt Service$2,696,309.18
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