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    242 West 48th Street

    242 West 48th Street
    New York, NY 10036
    Hotel, Leasing/Rental
    • 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
    • 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.
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