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Hotel Trades for $70M

NEW YORK CITY-A Central Park-area hotel is sold in an all-cash transaction for $70 million. The sale of the landmark, originally opened in 1930, might signal increased interest in the area's hotel market.

By Barbara Jarvie | Updated on April 21, 2004

NEW YORK CITY-Upper West Side landmark Hotel Olcott, which first opened its doors in 1930, trades in an all-cash transaction for approximately $70 million. The transaction was a co-venture between Massey Knakal Realty Services and CB Richard Ellis. CBRE’s Darcy Stacom, William Shanahan and Paul Lebowitz handled the assignment for the firm. The two companies were the sole brokers in the transaction. No other information was revealed.

The 255,000-sf hotel at 27 West 72nd St. is located on the north side of West 72nd Street between Central Park West and Columbus Avenue. It is a hotel/SRO transient building containing 238 residential units and seven commercial units.

According to Massey Knakal officials, the sale brought in approximately $275 per sf price, a capitalization rate of 3.12% and a gross rent multiple of 10.78.

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