Canon Patel Purchases Hotel From Meng Hua Wang In Brooklyn For $20 Million With Troy Gordon As The Broker
SOLD
$20,000,000
New York
See Similar DealsHotel48,423 SF
Sold 10/01/2024
SOLD
Canon Patel Purchases Hotel From Meng Hua Wang In Brooklyn For $20 Million With Troy Gordon As The Broker
833 39th Street
See Similar DealsHotel48,423 SF
Sold 10/01/2024
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$413
Total Square Footage:48,423 SF
Transaction Type:Sale
The property asset involved in the transaction is a hotel located at 833 39th Street in Brooklyn. The sale price was $20,000,000, with a total square footage of 48,423, resulting in a price per square foot of $413.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $20,000,000
- Address: 833 39th Street
- Market: Brooklyn
- Square Footage: 48,423
- Price per Square Foot: $413
- Buyer: Canon Patel
- Seller: Meng Hua Wang
- Broker: Troy Gordon - Compass
The key individuals involved in the transaction include Canon Patel as the buyer and Meng Hua Wang as the seller. Troy Gordon represented the buyer in this deal through Compass, facilitating the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$71,055.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$94,810.20
Annual Debt Service$1,137,722.44
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