McSam Hotel Group Sells 70% Stake In Hudson Yards Hotel For $47.4M
523-529 8th Avenue, New York, NY, USA
$47,398,365
$6,375/SF
Building Size
7,435 SF
Asset Type
Hotel
Closing
Jun 24, 2021
About this deal
AI
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.
The hotel sale at 523-529 8th Avenue, New York, NY, USA in Watervliet, New York sold for $47.4M in 2021. The building is 7,435 square feet, implying about 6.4K per square foot on the published price. Named participants on the 523-529 8th Avenue, New York, NY, USA sale are Sam Chang. This page is the Watervliet, New York file for the 523-529 8th Avenue, New York, NY, USA hotel sold: pricing, party profiles, and other closed hotel comps from the same Watervliet sit in the Market section below. Filter that Watervliet hotel set by closing date to see what else sold near 523-529 8th Avenue, New York, NY, USA around 2021. Published consideration for 523-529 8th Avenue, New York, NY, USA is $47.4M, dated 2021. Cite this McSam Hotel Group Sells 70% Stake In Hudson Yards Hotel For $47.4M sale when underwriting similar hotel product around Watervliet, New York.
Players
Watervliet 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
0.33%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93