For Sale
$60,000,000

New York NY Grand St & Mott StNew York, NY 10013

100-key hotel, $60M, high ROI.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 100-key hotel presents a lucrative investment opportunity in the heart of Manhattan, near Chinatown. Boasting 50,000 square feet across eight stories, this property offers a compelling value-add proposition with a current NOI of $5,000,000 and an 8.33% cap rate. Built in 2006 and fully renovated the same year, the hotel enjoys 100% occupancy as of May 1, 2024. The property sits on an 8,000 square foot lot with an additional 500 square feet of air rights, zoned C6-1G/LI 8000. The asking price is $60,000,000, translating to $1,200 per square foot and $600,000 per key. Land value is estimated between $12,000 and $15,000 per square foot. This prime location near Grand and Mott Streets in New York, NY 10013, offers significant potential for future growth and development. The property is available for sale or a net lease, with lease terms ranging from 10 to 99 years. A security deposit of $2.5 million is required, and key money will be discussed separately. This is a rare opportunity to acquire a high-performing hotel in one of Manhattan's most desirable neighborhoods.

Highlights

  • 100-key hotel in Manhattan's Chinatown, offering a compelling value-add opportunity.
  • 50,000 square foot, eight-story building on an 8,000 square foot lot with 500 square feet of air rights, zoned C6-1G/LI 8000.
  • $60,000,000 asking price ($1,200/SF, $600,000/key); $5,000,000 current NOI, 8.33% cap rate.
  • Built in 2006, fully renovated the same year, 100% occupancy (as of May 1, 2024).
  • Available for sale or net lease (10-99 year terms); $2.5 million security deposit required; key money to be discussed separately.

Property Details for New York NY Grand St & Mott St

Property type
Hospitality properties, Hotels
Square Feet
50,000 SF
Year Built/Renovated
2006/2006
Buildings
1
Stories
8

Location Insight

City
New York
County
New York
State
New York
Latitude
40.719057
Longitude
-73.9964877
New York NY Grand St & Mott St, New York, New York

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New York NY Grand St & Mott St
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