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

Property Details for New York NY Grand St & Mott St

Year built

2006

Property size (Sq ft)

50,000 SF

Property type

Hospitality properties

Property subtype

Other hospitality properties

Description

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.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7191

Longitude

-73.9965

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