Manhattan Midtown New York, NY 10018
- Hospitality properties
- 325,000 SF
Current Use by Public Records
- Hospitality properties
Property Details for 0 Manhattan Midtown
- Year built
- 2015
- Property size
- 325,000 SF
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
This exceptional off-market opportunity presents a 44-story, 325,000-350,000 square foot Marriott hotel in prime Manhattan Midtown (zip code 10018). Built and renovated in 2015, this vacant, 600-key property offers significant value-add potential through redevelopment. Currently showing a $0 NOI, pro-forma projections indicate a substantial $20,000,000 NOI and an 8% capitalization rate. The asking price is $250,000,000, translating to approximately $416,667 per key and $20,000 per square foot (based on land value). The property is ideally suited for investors with 1031 exchange funds or significant capital available for a swift closing. This is a unique chance to acquire a landmark asset in a highly desirable location. The property's vacant status allows for immediate implementation of a comprehensive renovation and repositioning strategy. Further details regarding zoning are available upon request. This is a truly exceptional opportunity to acquire a significant hotel asset in the heart of Manhattan.
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
- -73.9933
- Latitude
- 40.7553
