44Th St New York, NY 10019
- Hospitality properties
- 75,000 SF
Current Use by Public Records
- Hospitality properties
Property Details for 0 44Th St
- Year built
- 2008
- Property size
- 75,000 SF
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
Prime Manhattan hotel for sale near Times Square. This 20-story, 75,000 square foot building boasts 165 keys and a remarkable 100% occupancy rate since December 31, 2009. Built in 2008 with renovations completed in 2014, the property features 200 beds across its 165 rooms. The asking price is $75,000,000, representing a price per key of $454,545.45 and a price per square foot of $1,000. The property generates a strong NOI of $8,000,000, resulting in a compelling 10.67% cap rate. Situated on a 7,000 square foot lot in the desirable West 44th Street location (zip code 10019), the land value is estimated at $700-$800 per square foot. The property is zoned C6-4.5, C6-6, and MID i. This is a unique opportunity to acquire a high-performing, fully occupied hotel in a premier location. The property is privately owned and is being sold as a bank-owned foreclosure. This is an owner/user investment opportunity suitable for short-term or long-term strategies, including net lease arrangements. No ground lease exists. No air rights are available.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9833
- Latitude
- 40.7644
