Marriott Vacations Worldwide Acquires Hotel In Garment District For $86.4M
33 W 37th St, New York, NY 10018, USA
$86,400,000
$119/SF
Building Size
720,520 SF
Asset Type
Other
Closing
Jan 14, 2020
About this deal
AI
A hotel located at 33 West 37th Street in the Garment District has been sold for $86,400,000. The property spans across 72,052 square feet, resulting in a price per square foot of $1,199.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $86,400,000
- Address: 33 West 37th Street
- Market: Garment District
- Square Footage: 72,052
- Price Per Square Foot: $1,199
The buyer of the hotel is Marriott Vacations Worldwide, represented by Stephen P. Weisz. The seller, 54 Madison Partners, was represented by Henry Silverman. No additional information is available regarding the transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93