McSam Hotel Group Sells Hotel In Chelsea For $147.4M
SOLD
$147,362,878
New York
See Similar DealsOther2,171,360 SF
Sold 10/26/2020
SOLD
McSam Hotel Group Sells Hotel In Chelsea For $147.4M
140 W 28th St, New York, NY 10001, Estados Unidos
See Similar DealsOther2,171,360 SF
Sold 10/26/2020
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$67
Total Square Footage:2,171,360 SF
Transaction Type:Sale
The Hotel property located at 140 W. 28th St. in Chelsea was recently sold for a total price of $147,362,878. The property spans across 217,136 square feet, resulting in a price per square foot of $678. The seller of the property was McSam Hotel Group, represented by Sam Chang. The previous sale of the property took place in October 2016 for a price of $60,000,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $147,362,878
- Address: 140 W. 28th St.
- Market: Chelsea
- Property Size: 217,136 square feet
- Price per Square Foot: $678
- Seller: McSam Hotel Group - Sam Chang
- Last Sale Price: $60,000,000 (10/2016)
The successful transaction was facilitated by Sam Chang, representing McSam Hotel Group. This sale highlights the continued activity in the Chelsea market and the significant investment involved in the hotel asset.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,859,353.50
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$523,549.18
Cash-on-Cash Return-1.27%
Monthly Debt Service$698,575.22
Annual Debt Service$8,382,902.67
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