Capstone Equities and Republic Investment Company paid $57M to Apple Core Hotels

Capstone Equities and Republic Investment Company through the entity 17 W 32 St Owner LLC paid Apple Core Hotels’s West 32Nd Street Hotel, LLC $56.5 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 17 West 32 Street in Garment District. The deal closed on August 08, 2019 and was recorded on August 19, 2019. The parcel(s) have total development potential of 78,772 square feet.
The average sale price per square foot is $789.
The estimated cap rate is 4.2%

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 29, 2017.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Story link.