Extell Development Acquires Hotel In Midtown West For $94.5M
871 7th Avenue, New York City, New York 10001, United States
$94,455,000
Building Size
—
Asset Type
Hotel
Closing
Oct 19, 2022
About this deal
AI
The hotel located at 871 Seventh Avenue in Midtown West is in contract. The property is being sold by BD Hotels to Extell Development, represented by Gary Barnett. The transaction price for this hotel is $94,455,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $94,455,000
- Market: Midtown West
- Buyer: Extell Development - Gary Barnett
- Seller: BD Hotels
Gary Barnett, as a representative of Extell Development, is working on this deal. The transaction is expected to be finalized on 10/20/2022.
On the Map
$94,455,000
Hotel
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Players
New York Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93