Condo for Sale in Manhattan, Midtown, Manhattan, New York, USA

Hotel for Sale

SIDE ZONING: M1;

CAP RATE ~ 7.5%

POSSIBILITY FOR CONDO CONVERSION: ONLY FOR CONDO / HOTEL

AIR RIGHTS: USED TO MAXIMUM ZONING AND AREA RATION POSSIBLE

FINANCIAL STATEMENT: For review after sign submitting Letter of Intent (LOI) and Proof of Financing (POF)

EXISTING MANAGEMENT/FRANCHISE CONTRACT EXPIRY: 3 years left.

To be reviewed after agreement in place, Management to stay and renew contract
unless rejected by new purchasing entity.

EXISTING FRANCHISE CONTRACT AVAILABLE: To be review after agreement is in place

LOCATION: Manhattan, New York

LAND SIZE: APPROX. 5,500 SQ FT …21 STORIES…

BUILDING SIZE: Approx. 75,000 SQ FT

FULL SERVICE: Yes Mid/High Market

TOTAL ROOMS: 158

DOUBLE: 60

DOUBLE-QUINN: 98, INCLUDED: 2 SUITES about 400 SQ FT with TERRACES

AVERAGE ROOM SIZE: 300 SQ FT

SOURCE: BUSINESS TRAVELERS

INTERNAL CORRIDOR

CONVENTION/MEETING SPACE :2 Rooms 300 SQ FT EACH

RESTAURANT: 70 PEOPLE OCCUPANCY

BAR: YES FOR 15 WITH SUMMER GARDEN

ELEVATORS: 2 EACH 2000LB. CAPACITY

HEAT/AC: NEW WITH CONSTRUCTION

YEAR BUILT: 2003

PROPERTY TAX. APPROX. $500,000

RECENT IMPROVEMENTS: NOT NEEDED

FLOOR PLANS WILL BE PROVIDED


AVERAGE DAILY RATE: $250

AVERAGE DAILY OCCUPANCY: 80 to 90%

GROSS INCOME: Approx. $12,500,000 to $13,000,000

FINANCING:Existing Approx. $40,000,000 Assignable, with interest under 6.00%,

FIXED, 10 Years remaining

2007 PROJECTIONS: GROSS $13,000,000+

PRICE: $94,000,000