Horizon Group Acquires Hotel On Upper West Side For $12.1M
SOLD
$12,100,000
New York
See Similar DealsHotel25,641 SF
Sold 08/25/2021
SOLD
Horizon Group Acquires Hotel On Upper West Side For $12.1M
80 Riverside Drive, Manhattan, New York, NY, USA
See Similar DealsHotel25,641 SF
Sold 08/25/2021
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$471
Total Square Footage:25,641 SF
Transaction Type:Sale
The Hotel located at 80 Riverside Drive in the Upper West Side has been sold for a total price of $12,100,000. The property spans over 25,641 square feet, resulting in a price per square foot of $471. The transaction took place on August 25, 2021, and the buyer is Horizon Group represented by David Marom. The seller in the deal is Cosmopolitan Broadcasting Corporation.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $12,100,000
- Date: August 25, 2021
- Address: 80 Riverside Drive
- Market: Upper West Side
- Asset Type: Hotel
- Tax Class: 4
David Marom, representing Horizon Group, played a significant role as the buyer in this transaction. On the other side, the seller was Cosmopolitan Broadcasting Corporation. The involvement of these individuals and companies indicates a successful deal in the Upper West Side market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$645,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$42,988.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$57,360.17
Annual Debt Service$688,322.08
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