5Th Ave New York, NY 10036
- Hospitality properties
- 400,000 SF
Current Use by Public Records
- Hospitality properties
Property Details for 0 5Th Ave
- Year built
- 1930
- Property size
- 400,000 SF
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
This exceptional portfolio comprises multiple non-union hotels in a prime Manhattan location (5th Ave, New York, NY 10036). The offering includes approximately 400,000 to 500,000 square feet of space, encompassing a total of 1,000 keys across one building with 22 stories. Built in 1930, the property boasts an 80% occupancy rate (as of August 1, 2021), generating a current NOI of $25,000,000 and a 4.55% cap rate. A pro-forma analysis projects a NOI of $35,000,000 and a 6.36% cap rate, reflecting significant redevelopment potential. The asking price for this stabilized investment opportunity is $550,000,000, translating to a price per key of $550,000 and a land value of $12,000 to $13,000 per square foot. The property is zoned C6-5, MiD, and includes 100 parking spaces. This is a rare chance to acquire a substantial hotel portfolio in one of the world's most desirable locations. The property's size and location present significant upside potential for future growth and profitability. Further details are available upon request.
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
- -73.9864
- Latitude
- 40.7459
