For Sale
$250,000,000

Manhattan Midtown New York, NY 10018

Luxury Hotel, 600 Keys, Midtown NYC

Overview

Added:
Dec 11, 2024
Days on market:
138
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.

Highlights

  • Prime Manhattan Midtown location.
  • Off-market, unionized Marriott Hotel.
  • Ideal for 1031 exchange buyers or cash buyers seeking a fast closing.
  • Pro-forma 8% capitalization rate; $20,000,000 projected NOI.

Property Details for 0 Manhattan Midtown

Property type
Hospitality properties, Hotels
Square Feet
325,000 SF
Year Built/Renovated
2015/2015
Buildings
1
Stories
44

Location Insight

City
New York
County
New York
State
New York
Latitude
40.755322
Longitude
-73.9932872

FAQs

What type of property is this?
Hospitality property - Luxury Hotel, 600 Keys, Midtown NYC
Where is the hospitality property located?
The property is located at Manhattan Midtown New York, NY.
What is the asking price?
The asking price for this property is $250,000,000.
What are key features of this property?
This property features: Prime Manhattan Midtown location.; Off-market, unionized Marriott Hotel.; Ideal for 1031 exchange buyers or cash buyers seeking a fast closing.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
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0 Manhattan Midtown
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