Brookfield Property Partners Acquires Kimpton Hotel In Hell's Kitchen For $82.7M
653 11th Ave, New York, NY 10036, USA
$82,700,000
$540/SF
Building Size
153,000 SF
Asset Type
Other
Closing
Nov 29, 2020
About this deal
AI
Brookfield Property Partners, represented by Brian Kingston, has acquired a hotel property located at 653 11th Avenue in Hell's Kitchen, Manhattan. The hotel is flagged under the @Kimpton brand and offers 222 keys.
Summary of transation details
- Property Type: Hotel
- Sale Price: $82,700,000
- Square Footage: 153,000 SF
- Price Per Square Foot: $540
- Keys: 222
The loan for this transaction was provided by United Overseas Bank for an amount of $67,500,000. PGIM Real Estate acted as the seller in the deal.
Notably, Brian Kingston from Brookfield Property Partners played a significant role in this acquisition.
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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93