Royal AlThani Family Of Qatar's ARTIC Acquires Manhattan Hotel For $290M
790 7th Ave, New York, NY 10019, USA
$290,000,000
$322/SF
Building Size
900,000 SF
Asset Type
Other
Closing
Jul 19, 2018
About this deal
AI
A hotel property located at 790 Seventh Avenue and 1656 Broadway in Manhattan, New York City, was recently involved in a closed transaction. The hotel, known as @manhattanhoteltimessquare, spans approximately 900,000 square feet.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $290,000,000
- Date: 07/20/2018
- Market: Manhattan
- Lender: Mack Real Estate
- Landlord: Al Rayyan Tourism Investment Company (ARTIC) – [email protected]
The lender involved in the transaction was Mack Real Estate, while the landlord was Al Rayyan Tourism Investment Company (ARTIC), which is run by the royal Al Thani Family of Qatar. It's noteworthy that the Al Thani Family of Qatar is involved in the ownership of ARTIC.
On the Map
$290,000,000
$322/SF
Other
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93