0 5Th AveNew York, NY 10022

Property Details for 0 5Th Ave

Year built

2010

Property size (Sq ft)

225,000 SF

Property type

Hospitality properties

Property subtype

Hotels

Description

This exceptional 20-story, 5-star hotel presents a unique investment opportunity in the heart of Midtown Manhattan. Boasting 250 keys and a prime 5th Avenue address in the 10022 zip code, this unionized property offers significant upside potential. Built in 2010 and renovated in 2017, the hotel features approximately 225,000 to 235,000 square feet on a lot ranging from 14,000 to 15,000 square feet, zoned C6-4A. Currently operating at an 80% occupancy rate (as of August 1, 2021), the property generates a Net Operating Income (NOI) of $15,000,000, with a pro-forma NOI projected at $20,000,000, resulting in a current cap rate of 6% and a pro-forma cap rate of 8%. The asking price is $250,000,000, translating to a price per key of $800,000 and a land value of $900 to $1,100 per square foot. This value-add opportunity is ideal for owner-users seeking a trophy asset in a highly desirable location. The property's strong performance and prime location make it an attractive investment for discerning buyers. No air rights are currently available.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7612

Longitude

-73.9753

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

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 unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].