Vanbarton Group Acquires Hotel In Financial District From Prodigy Network & Shorewood Real Estate Group
84 William Street, Manhattan, New York, NY, USA
$73,453,037
$597/SF
Building Size
122,984 SF
Asset Type
Hotel
Closing
Dec 13, 2020
AI
Located at 84 William Street in the Financial District, this hotel property encompassing 122,984 square feet has been sold. The transaction took place on December 14, 2020, with a sale price of $73,453,037. The hotel consists of 137 units, resulting in a per unit price of $536,153. The previous sale of the property occurred in 2013 for $58 million.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $73,453,037
- Address: 84 William Street
- Market: Financial District
- Asset Type: Hotel
- Zoning: C5-5, LM
The buyer of the hotel property is Vanbarton Group, represented by Gary Tischler and Richard Coles. On the other hand, the seller consists of Prodigy Network and Shorewood Real Estate Group, with S. Lawrence Davis as their representative. The deal was facilitated by brokers Gary Phillips, Will Silverman, Steve Binswanger, Scott Ellman, and Jeff Organisciak from Eastdil Secured.
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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93