Masterworks Development paid $64M to McSam Hotel Group

Masterworks Development through the entity Midtown South Owner LLC paid McSam Hotel Group’s Sccq Midtown LLC $64.0 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 38 West 45 Street in Grand Central. The deal closed on August 02, 2019 and was recorded on August 08, 2019. The parcel(s) have total development potential of 61,586 square feet.
The average sale price per square foot is $1,063.
The estimated cap rate is 3.2%
The last time the property sold was August 25, 2016, for $58,700,000.

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