Sam Chang’s McSam Hotel Group Acquires 292 Fifth Avenue Hotel In Nomad For $76M
292 5th Ave, New York, NY 10001, USA
$76,000,000
$86/SF
Building Size
880,000 SF
Asset Type
Other
Closing
Oct 14, 2018
About this deal
AI
Sam Chang’s McSam Hotel Group has closed a transaction for a hotel located at 292 Fifth Avenue in the Nomad area of New York City. The property, measuring 88,000 square feet, was sold for a total amount of $76,000,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $76,000,000
- Address: 292 Fifth Avenue
- Market: Nomad
S3 Capital Partners provided the loan for this transaction, serving as the lender. Sam Chang, representing McSam Hotel Group, acted as the landlord/developer in the deal.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93