MCR Development Acquires Hotel In Grand Central For $40.8M
SOLD
$40,840,000
New York
See Similar DealsOther1,037,240 SF
Sold 09/04/2020
SOLD
MCR Development Acquires Hotel In Grand Central For $40.8M
44 W 44th St, New York, NY 10036, USA
See Similar DealsOther1,037,240 SF
Sold 09/04/2020
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$39
Total Square Footage:1,037,240 SF
Transaction Type:Sale
The hotel located at 44 West 44th Street in the Grand Central market has recently been sold. The property, spanning 103,724 square feet, was sold for a total price of $40,840,000, resulting in a price per square foot of $393. The zoning designation for the property is C6-4.5, MiD, and the tax class is 4. It is worth noting that the property was previously sold for $53,000,000 in August 2017.
Summary of Transaction Details
- Property Type: Hotel
- Transaction Amount: $40,840,000
- Square Footage: 103,724
- Price per Square Foot: $393
- Zoning: C6-4.5, MiD
- Tax Class: 4
- Last Sale Price: $53,000,000 (8/2017)
The buyer of the property is MCR Development, while the sellers are Rockport Group and Highgate Holdings.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,178,133.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$145,095.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$193,602.44
Annual Debt Service$2,323,229.23
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