Sam Chang Sells Hell's Kitchen Hotel On West 48th St. For $22.7M
548 W 48th St, New York, NY, USA
$22,700,000
$796/SF
Building Size
28,519 SF
Asset Type
Hotel
Closing
Sep 23, 2021
AI
A hotel located at 548 W. 48th St. in Hell's Kitchen has been sold. The property, owned by Sam Chang, was sold for a price of $22,700,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $22,700,000
- Address: 548 W. 48th St.
- Market: Hell's Kitchen
- Owner: Sam Chang
This transaction involved Sam Chang as the seller. The hotel spans an area of 28,519 square feet, resulting in a price per square foot of $795. It is notable that the hotel was previously sold for $29,168,079 in December 2017.
Players
New York 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
0.70%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93