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    5Th Ave New York, NY 10022

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    For Sale
    Contact for pricing

    Luxury Unionized Hotel, 250 Keys, High NOI

    Property size:
    225,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 20-story, 5-star hotel presents a unique investment opportunity in the heart of Midtown Manhattan. Boasting 250 keys and a prime 5th Avenue address in the 10022 zip code, this unionized property offers significant upside potential. Built in 2010 and renovated in 2017, the hotel features approximately 225,000 to 235,000 square feet on a lot ranging from 14,000 to 15,000 square feet, zoned C6-4A. Currently operating at an 80% occupancy rate (as of August 1, 2021), the property generates a Net Operating Income (NOI) of $15,000,000, with a pro-forma NOI projected at $20,000,000, resulting in a current cap rate of 6% and a pro-forma cap rate of 8%. The asking price is $250,000,000, translating to a price per key of $800,000 and a land value of $900 to $1,100 per square foot. This value-add opportunity is ideal for owner-users seeking a trophy asset in a highly desirable location. The property's strong performance and prime location make it an attractive investment for discerning buyers. No air rights are currently available.

    Property Features for 0 5Th Ave

    General Information

    Property type
    Hotels
    Square Feet
    225,000 SF

    Building Details

    Year Built/Renovated
    2010/2017
    Buildings
    1
    Stories
    20

    HighLights

    • 20‑story, 5‑star hotel with 250 keys in Midtown Manhattan's 10022 zip code.
    • Prime 5th Avenue location, unionized, built in 2010, renovated in 2017.
    • Approximately 225,000‑235,000 square feet on a 14,000‑15,000 square foot lot, C6‑4A zoning.
    • $15,000,000 current NOI, $20,000,000 pro‑forma NOI; 6% current cap rate, 8% pro‑forma cap rate.
    • $250,000,000 asking price; $800,000 price per key; $900-$1,100 per square foot land value.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Food Market Clothing Store Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9752636
    Latitude
    40.7611963

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    FAQs

    What type of property is this?
    Hotel - Luxury Unionized Hotel, 250 Keys, High NOI
    Where is this hotel located?
    The property is located at 5Th Ave New York, NY.
    What is the asking price?
    The asking price for this property is $250,000,000.
    What are key features of this property?
    This property features: 20-story, 5-star hotel with 250 keys in Midtown Manhattan's 10022 zip code.; Prime 5th Avenue location, unionized, built in 2010, renovated in 2017.; Approximately 225,000-235,000 square feet on a 14,000-15,000 square foot lot, C6-4A zoning.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5Th Ave New York, NY 10022
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