Friday, September 24, 2010

New York hotel for sale in prime Canal Street / Lafayette Street

For Sale:  
28-Room Hotel with Significant Retail in top Manhattan, New York location.  Canal Street / Lafayette St in Chinatown/Soho neighborhood.  $29 million, 7% cap rate.

Castle Avenue Partners @ Charles Rutenberg has been retained as exclusive broker to market 120 Lafayette St, New York, NY 10013. This is a newly renovated, excellent condition, 28-room limited service hotel with fully tenanted retail space commanding top rent. The property is a 11,047 square feet 5 storey building of which 1,460 square feet is retail space. The retail rent makes up about 40 percent of total revenue. Located in front of the Canal Street subway station (6, N, Q, R, J, Z trains). 

Investment Drivers:  Strong RevPAR growth from economic recovery, high occupancy rate, tourism growth, limited supply and inflation hedge characteristic of hotel industry. 

Location:  Intersection of Lafayette St and Canal St in Manhattan New York’s thriving
Chinatown / Soho area. The Canal Street subway station, amongst the heaviest traffic stations, is located in front of the property.

Pro Forma Financials:
Revenue: $2,964,270 ($1.82m from room revenue, $1.14m from retail rent)
Expenses: $946,013  
Net Operating Income: $2,018,257

Asking Price:  $29,000,000

Cap rate:  7%

Call:  Weimin Tan 212.380.6134,

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