Highgate Acquires Manhattan's Row Hotel Stake From David Werner For $350M
700 8th Avenue
$350,000,000
Building Size
—
Asset Type
Hotel
Closing
Jun 14, 2024
About this deal
AI
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.
On the Map
$350,000,000
Hotel
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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
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93