Sam Chang Sells Hell's Kitchen Hotel On West 48th St. For $22.7M
SOLD
$22,700,000
New York
See Similar DealsHotel28,519 SF
Sold 09/23/2021
SOLD
Sam Chang Sells Hell's Kitchen Hotel On West 48th St. For $22.7M
548 W 48th St, New York, NY, USA
See Similar DealsHotel28,519 SF
Sold 09/23/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$796
Total Square Footage:28,519 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,210,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$80,648.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$107,609.58
Annual Debt Service$1,291,314.97
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