RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire the leasehold interest in a 179-key upper-upscale, full-service boutique hotel in Manhattan, New York.
The 179-key hotel consists of two brick and stone buildings situated on two ground lease parcels containing a total land area of 0.237 acres. The two ground leases are not coterminous; expirations dates are August 31, 2096 for Building 1 and June 30, 2046 for Building 2. The 11-story building at 33 West 55th Street (“Building 1”) includes 87 guestrooms. The 10-story building at 39 West 55th Street (“Building 2”) includes 92 guestrooms. The two buildings have a gross building area of 89,861 square feet, and are connected only at the ground level and basement level to form a single hotel. Each building has independent ingress/egress through multiple access doors on West 55th Street. Building 2 has an enclosed ground level terrace. The buildings were constructed circa 1925/1923 and substantially renovated and refurbished in 2006. The Hotel is surrounded by fine restaurants, shopping, Broadway theaters, and other attractions. Building 1 also has one retail space totaling 1,200 square feet that fronts on 55th Street. The Hotel has 3,473 square feet of meeting spaces to accommodate corporate, group or social functions. Other amenities include 24-hour fitness and business centers.
The property is located at 33 and 39 West 55th Street, New York, New York. The hotel is located within the Plaza District in Midtown West – a major business / tourism center. The hotel is one-half block from 5th Avenue luxury shopping, three blocks from Times Square, five blocks from the southern bound of Central Park, and two blocks from the Museum of Modern Art. Transportation to the property is excellent. E/M/N/Q/R subway lines are accessible within five blocks, and there are numerous bus lines within walking distance.
Value Add Opportunity - Occupancy, ADR, and RevPAR have all lagged behind the Hotel’s competitive set in recent years; however demand is strong and Manhattan hospitality showed substantial growth from 2017-2018. A potential purchaser will be in the position to implement the necessary property improvements to bring the hotel back to operational excellence.
Strong Location – The hotel is in one of the premier tourist / business locations, located in the Plaza District, in the Midtown West neighborhood of Manhattan. Prominent nearby attractions include 5th Avenue Luxury shopping, Times Square, Central Park, the Museum of Modern Art, Rockefeller Center, and Carnegie Hall.
Capital Improvements – Comprehensive capital improvements made in 2006 to the hotel’s guestrooms / common spaces totaled $11.4mm.
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
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You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
33 W 55th Street, Manhattan, NY 10019
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Ralph Passono, Jr.
c/o Fisher Auction Company Inc.