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Boris Aronov Of Aronov Development Acquires $44.5M Note Secured By Hotel In Midtown Manhattan
SOLD
$44,500,000
New York
See Similar DealsNote / Loan
Sold 06/25/2025
SOLD
Boris Aronov Of Aronov Development Acquires $44.5M Note Secured By Hotel In Midtown Manhattan
59 West 46th Street
See Similar DealsNote / Loan
Sold 06/25/2025
Summary
NEW YORK
Asset Type:Note / Loan
Transaction Type:Sale
A note secured by the Hotel @Times Square located at 59 West 46th Street in Midtown West, Manhattan has been involved in this transaction. The asset is secured by a loan amount of $44,500,000.
Summary of transaction details:
- Property Type: Note / Loan
- Transaction Amount: $44,500,000
- Buyer: Boris Aronov - Aronov Development
- Seller: Issac Hera - Yellowstone Real Estate Investments
- Address: 59 West 46th Street
- Market: Midtown West, Manhattan
Boris Aronov, representing Aronov Development, acquired the note from Issac Hera, who represented Yellowstone Real Estate Investments, adding a financial interest to the hotel located at the transaction address.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,373,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$158,099.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$210,952.70
Annual Debt Service$2,531,432.43
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