New York NY 6Th Ave New York, NY 10022
- Hospitality properties
- 100,000 SF
Current Use by Public Records
- Hospitality properties
Property Details for New York NY 6Th Ave
- Year built
- 2016
- Property size
- 100,000 SF
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
This exceptional 20-story hotel, built and renovated in 2016, presents a lucrative investment opportunity in Manhattan's vibrant Sixth Avenue, zip code 10022. Boasting 100,000 to 110,000 square feet, the property features 180 keys with 100% occupancy since January 1, 2021. The current Net Operating Income (NOI) stands at $5,000,000, yielding a 6.25% cap rate. However, a pro-forma NOI of $7,000,000 projects a significantly higher 8.75% cap rate, showcasing substantial growth potential. The asking price is $80,000,000, translating to $444,444.44 per key. The property is categorized as a hospitality investment, specifically an owner/user type, and is situated within a C6-4A permitted zoning district. This fully unionized hotel offers a stable and high-performing asset in a prime Manhattan location. The building consists of one structure with twenty stories. No air rights are available. This is an off-market opportunity for serious and qualified buyers only.
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
- -73.9736
- Latitude
- 40.7606
