242 West 48th Street
- Address 242 West 48th Street
- neighborhood Theater District
- borough Manhattan
- owner Witkoff Group
- owner entity 234 WEST 48 LLC
- floors 16
- Year Built 1927
- commercial units 3
- total units 3
- square feet 117,102
- const. status Building Complete
- block and lot 1-01019-0055
- BIN 1024764
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- Event Sales
- Building Name Best Western President Hotel
- Address 234 West 48th Street
- Neighborhood Times Square
- Borough Manhattan
- Square feet 117,102
- Price $ 142,000,000
- Price per foot $ 1,212.62
- Publication Date 04/01/2009
- Event Date 02/20/2009
- Party 1 Hampshire Hotels
- Party 2 Investcorp affiliate
notes
The long-term ground lease for the hotel was purchased for $142 million.
- Event Sales
- Building Name Best Western President Hotel
- Address 234 West 48th Street
- Neighborhood Times Square
- Borough Manhattan
- Price $ 33,000,000
- Publication Date 05/01/2006
- Event Date 03/22/2006
- Party 1 Brokerage Eastern Consolidated
- Party 1 Broker Eric Anton
- Party 2 Partnership led by Jeffrey Goldberger
notes
The partnership purchased a fee interest in the 100,000 square foot hotel for $33 million. The 16-story hotel generates annual lease payments of $1.75 million, which equates to a capitalization rate of 5.3 percent.