Historical Hotel & Motel Sale Listing - Hotel, Office, or Condo Site for Sale

Hotel & Motel For Sale

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Hotel, Office, or Condo Site for Sale

17 West 24th Street, New York, NY 10010

N/A

68 Rooms | Hotel & Motel

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Hotel Site for Sale or Joint Venture

Hotel / Motel - Off Market

Price:
N/A
No. Rooms:
68
Building Size:
7,800 SF
Property Type:
Hotel & Motel
Property Sub-type:
Economy/Limited Service
Additional Sub-types:
Residential (land)
Government Subsidized
Mobile Home/ RV Community
Property Use Type:
Investment
Lot Size:
2,568 SF
Listing ID
15865943
Last Updated
115 days ago

Description

ID: 15865943.
JOINT VENTURE OR SALE. Owners are looking for 15% ownership in new hotel. The Property currently consists of a 5-story elevator office building with approximately 7,800 SF, which can be further redeveloped into a 18-19-story hotel or an office tower with 29,125 SF (building has additional 17,875 sq' of air rights. Total buildable sq' is 25,675, which is FAR 10 as of right, plus the cellar of 2500 sq' + 1000 sq' for mechanical deductions). All documents are filed with the New York City Building Department to allow building a hotel with around 29,000 sq', reception area and the retail space on the ground floor.
Monthly rental income is between $35,000 & $38,000. All tenants have leases up to 6 months. Building will be delivered vacant at closing.
Existing building is in excellent condition, central A/C, elevator. 4th & 5th floors can be used as residential apartments according to C/O. With long term tenants the monthly rent can go up to $40,000.
Block 826, Lot 28. Lot size 26' x 98.75' =2,568 sq.' Zoning M1-6. FAR 10. Total buildable: up to 29,125 sq.' Annual Taxes: $45,000.
Annual expenses: $48,000. Potential annual income: $480,000

This building is located in Manhattan, New York, within only 100 feet from Madison Square Park, on the intersection of Fifth Avenue, Broadway and West 24th Street. Ten blocks from Penn Station. Subway Trains: N, R, W, F, V, 6.

Map of 17 West 24th Street, New York, NY 10010 (New York County)

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