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Vanbarton Group Acquires Hotel In Financial District From Prodigy Network & Shorewood Real Estate Group

Property Image
SOLD
$73,453,037
Scott Ellman
Will Silverman
Jeff Organisciak
+ 4

New York

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Hotel122,984 SF
Sold 12/14/2020
the dealplayerscompscontact
Property Image
SOLD

Vanbarton Group Acquires Hotel In Financial District From Prodigy Network & Shorewood Real Estate Group

84 William Street, Manhattan, New York, NY, USA

See Similar Deals
Hotel122,984 SF
Sold 12/14/2020
Scott Ellman
Will Silverman
Jeff Organisciak
+ 4
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Hotel
Price Per Square Foot:$597
Total Square Footage:122,984 SF
Transaction Type:Sale

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

Jeff Organisciak
Eastdil Secured
Jeff Organisciak
35 deals$8.7B volume
BROKER
Gary Phillips
Eastdil Secured
Gary Phillips
89 deals$34.9B volume
BROKER
Steven Binswanger
JLL
Steven Binswanger
14 deals$3.7B volume
BROKER
Will Silverman
Eastdil Secured
Will Silverman
72 deals$28.1B volume
BROKER
Scott Ellman
Eastdil Secured
Scott Ellman
7 deals$1.2B volume
BROKER
Gary M. Tischler
Vanbarton Group
Gary M. Tischler
7 deals$777.1M volume
BUYER
Richard Coles
Vanbarton Group
Richard Coles
9 deals$956.6M volume
BUYER
PN
Prodigy Network
SELLER
SG
Shorewood Real Estate Group
SELLER

Details

SOLD
IMAGE: Gary Tischler, S. Lawrence Davis Richard Coles DATE: 12/14/2020 ADDRESS: 84 William Street MARKET: Financial District ASSET TYPE: Hotel ~ ZONING: C5-5, LM BUYER: Vanbarton Group - Gary Tischler & Richard Coles SELLER: Prodigy Network & Shorewood Real Estate Group - S. Lawrence Davis BROKERS: Gary Phillips, Will Silverman, Steve Binswanger, Scott Ellman, & Jeff Organisciak - Eastdil Secured PRICE: $73,453,037 SF: 122,984 ~ PPSF: $597 UNITS: 137 ~ PPU: $536,153 LAST SALE: $58M (2013)

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Deal Type
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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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