449 36Th St New York, NY 10018
- Residential income homes
- 12,340 SF
- 0.06 lot acres
Current Use by Public Records
- Casamia 36 Hotel / Hotel
- The GEM Hotel Hudson Yards, an Ascend Hotel Collection Member / Hotel
Property Details for 449 36Th St
- Year built
- 2005
- Lot size
- 0.06 lot acres
- Property size
- 12,340 SF
- Zone code
- R8A
- Property type
- Residential income homes
- Property subtype
- Serviced apartments
- APN
- 00734-0007
- APU
- 7340007
Description
This exceptional investment opportunity presents a 10-story, 39-key hotel located at 449 W 36th Street, New York, NY 10018. Boasting a 100% occupancy rate as of March 1st, 2023, the property currently generates a NOI of $1,600,000, with a projected NOI of $2,000,000 post-renovation. The asking price is $16,000,000, representing a current cap rate of 10% and a pro-forma cap rate of 12.5%. Built in 2005 and renovated in 2015, the hotel features 12,500 to 16,000 square feet of space on a 2,469 square foot lot. Approved plans exist for a 16,000 square foot residential condo conversion, leveraging an additional 2,500 square feet of air rights. The property is zoned R8A, C2-5, and HY i, offering significant flexibility. The land value is estimated at $900 to $1,100 per square foot. This fee-simple ownership opportunity is ideally situated near Hudson Yards, Manhattan West, the Javits Convention Center, and major transportation hubs, promising substantial returns for a value-add investor seeking residential condo redevelopment. The property's prime location and redevelopment potential make it a compelling investment.
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
- -73.9975
- Latitude
- 40.7558
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
