5Th Ave New York, NY 10022
- Hospitality properties
- 225,000 SF
Current Use by Public Records
- Hospitality properties
Property Details for 0 5Th Ave
- Year built
- 2010
- Property size
- 225,000 SF
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9753
- Latitude
- 40.7612
