Witkoff Co & Mubadala Acquire Hotel At 36 Central Park S In Manhattan For $615M
36 Central Park S, New York, NY 10019, USA
$615,000,000
$30,332/SF
Building Size
20,275 SF
Asset Type
Other
Closing
Jun 4, 2019
About this deal
AI
The Park Lane Hotel in Manhattan was recently involved in a closed transaction, with a total loan amount of $615,000,000. The hotel, located at 36 Central Park S, is a prominent asset in the area. The deal was facilitated by lenders Deutsche Bank and JPMorgan Chase. The property is owned by Witkoff Co and Mubadala, with Mohammed bin Zayed Al Nahyan representing Mubadala. The transaction was brokered by Jordy Roeschlaub and Dustin Stolly from Newmark Knight Frank.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $615,000,000
- Lender: Deutsche Bank and JPMorgan Chase
- Landlord: Witkoff Co and Mubadala
- Broker: Jordy Roeschlaub and Dustin Stolly from Newmark Knight Frank
This transaction involved key individuals and companies in the real estate industry. The Park Lane Hotel deal showcases the collaboration between lenders, Deutsche Bank and JPMorgan Chase, to finance the project. The property is owned by Witkoff Co and Mubadala, with representation from Mohammed bin Zayed Al Nahyan. The transaction was successfully brokered by Jordy Roeschlaub and Dustin Stolly from Newmark Knight Frank.
On the Map
$615,000,000
$30,332/SF
Other
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93