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Highgate Acquires Manhattan's Row Hotel Stake From David Werner For $350M
SOLD
$350,000,000
New York
See Similar DealsHotel
Sold 06/14/2024
SOLD
Highgate Acquires Manhattan's Row Hotel Stake From David Werner For $350M
700 8th Avenue
See Similar DealsHotel
Sold 06/14/2024
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Sale
The Manhattan hotel located at 700 8th Avenue has been sold in a recent transaction for $350,000,000. The property, known as Row Hotel, features 1,331 keys with a price per key of $262,960.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $350,000,000
- Address: 700 8th Avenue
- Market: Manhattan
- Buyer: Arash Azarbarzin - Highgate
- Seller: David Werner
- Brokers: Jeff Davis & Scott Ellman - Eastdil Secured
Highgate, led by Arash Azarbarzin, acquired David Werner's stake in the Row Hotel, finalizing a deal that resolved a complex ownership structure, which included a ground lease and recent financial challenges.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$18,666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,243,476.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,659,178.56
Annual Debt Service$19,910,142.74
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