Magna Hospitality Group Acquires Hotel In Garment District From Ashford Hospitality Trust Inc
60 W 37th St, New York, NY 10018, USA
$115,100,000
$70/SF
Building Size
1,637,090 SF
Asset Type
Other
Closing
Aug 18, 2020
About this deal
AI
The Garment District hotel located at 60 West 37th Street has recently changed hands in a sale transaction. Magna Hospitality Group, represented by Robert Indeglia, acquired the property from Ashford Hospitality Trust Inc., represented by J. Robison Hays. The transaction took place on August 19, 2020. The sale image features J. Robison Hays and Robert Indeglia.
In addition to the sale, a loan was also involved in this transaction. Robert Indeglia, now representing Magna Hospitality Group, secured a loan from Starwood Property Mortgage. The loan image solely features Robert Indeglia.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: Not disclosed
- Address: 60 West 37th Street
- Market: Garment District
This transaction involved the following parties:
- Buyer: Magna Hospitality Group - Robert Indeglia
- Seller: Ashford Hospitality Trust Inc. - J. Robison Hays
- Lender: Starwood Property Mortgage
- Landlord: Magna Hospitality Group - Robert Indeglia
On the Map
$115,100,000
$70/SF
Other
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Players
New York Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93