Marriott International pays $166M to Westbrook Partners for property in Gramercy

Marriott International through the entity Mi Park 201, LLC paid Westbrook Partners’s 28-201 Unsq Owner, LLC $166.2 million for 201 Park Avenue South in Gramercy. The deal closed on October 10, 2019, and was recorded on October 16, 2019. The transaction consists of 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1). The property is 200,000 square feet. The parcel(s) have total development potential of 200,000 square feet.
The average sale price per square foot is $831.
The estimated cap rate is 4.7%
The buyer signed a contract August 26, 2019, and closed about six weeks later on the 270-room hotel. No debt has been recorded yet for the new lenders and the existing loan HSBC provided to Westbrook has not yet been recorded as paid off or assigned. The last time the property sold was September 6, 2018, when Westbrook acquired the hotel for $165,635,985.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1,180,014.
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Direct link to the city’s interactive property map, ZOLA. link

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