Hotel Azure asking price cut to $23.8 million

By Roland Li

Hotel Azure, an 11,047 s/f hotel with 1,460 s/f of retail, is on the market for $23.8 million. The Chinatown property, at 120 Lafayette Street, was originally listed for $29 million in October. It has a 7% capitalization rate.

The listing brokers are Wei Min Tan, an executive vice president of Castle Avenue Partners at Rutenberg Realty, and his partner, Susan Chan.

The building’s retail income makes up around 40% of the property’s revenue, with asking rents around $750 per s/f, said Tan. It has 10 retail spaces that are fully leased with one-year terms to small tenants, including souvenir and handbag shops. If a larger, credit-worthy tenant was chosen to replace them, the rent would be slightly lower, said Tan.

The asking price was decreased to reflect the lesser rent that a larger tenant would pay, said Tan.

The 28-room hotel portion has an average rate of $210 per night, and ranging from $180 to $400 depending on season.

“Hotels are doing well because of several factors,” said Tan. “There has always been very limited supply, especially in Manhattan.”

In addition, tourism has fueled activity – European tourists make up the bulk of Hotel Azure’s business. And despite its proximity to other hotels, including a Holiday Inn at 138 Lafayette Street and Mondrian Soho at 9 Crosby Street, Hotel Azure has an average of 90% occupancy. Tan credits its location, on the corner of Canal Street and adjacent to a subway station, as a major selling point. There are no comparable buildings in the area that on the market, he said.

The long-time owner of 120 Lafayette, Tai Fook Corporation, is selling to redeploy capital for other investments.

The building has received around 100 inquiries since being on the market, including prospective buyers from the Middle East and California. Three offers were submitted, but none closed. Tan expects the building to sell within six months.

Chinatown has seen some new development, but inventory for sale remains scarce. In some cases, ownership of buildings is split, or uncertain. New construction has stalled because of lack of credit, although there are plots that are not built to maximum zoning. A contentious rezoning plan is being debated by various stakeholders, along with other changes to the community.

38 Responses

Leave a Reply
  1. Unsecured Business Loans
    Aug 17, 2011 - 05:39 AM

    I’d prefer to make sure you actually the only thing that it is a most effective hotel room in britain. The grade of a high quality expert services by using low-priced amount plus cheap give.

    Reply
  2. Cape Coral Properties
    Aug 26, 2011 - 09:05 PM

    The location is very good and you can easily access most of Manhattan by train. The rooms are clean but extremely small, at least the “Queen size” may be too crowded for more than one guest.

    Reply
  3. Javea
    Sep 03, 2011 - 12:27 PM

    If you have children, there are several privately run, English speaking schools that teach the UK curriculum. You will have to pay between 5,000 and 10,000 euros per annum for your child to attend these schools. In comparison to private school fees in the UK this is very cheap. Private schools in Spain offer small class sizes and pass rates are above average. I would recommend a private school for older children, but, if you have young ones, and considering living permanently in Spain, sending them to a Spanish state school will be more beneficial for them as they will be fluent in Spanish in a very short time and integrated in to the Spanish way of life.

    Reply
  4. conveyancing west
    Sep 05, 2011 - 03:02 AM

    This is
    a nice content.In comparison to private school fees in the UK this is very
    cheap.This is a good written skill.Keep it up.Thanks to share this blog.

    Reply
  5. Cape Coral Rental Management
    Sep 06, 2011 - 05:48 PM

    location, condition and price is the best words to think about when looking a place to live in. I think this one is good too.

    Reply
  6. Foreclosures
    Sep 07, 2011 - 03:37 PM

    This is a good choice in manhattan. Very peaceful.

    Reply
  7. bonus pariuri
    Sep 07, 2011 - 05:03 PM

    it’s too much for this

    Reply
  8. bonus pariuri
    Sep 07, 2011 - 05:03 PM

    it’s too much for this

    Reply
  9. ForeclosureClearance.com
    Sep 09, 2011 - 06:06 PM

    Hey, I just hopped over to your site . Not something I would usually browse, but I appreciated your views none the less. Thanks for creating something worthy of reading.. Just thought I’d drop you a line to tell you your site really rocks! I have been looking for this sort of information for a long time.

    Foreclosures

    Reply
  10. villa holidays javea
    Sep 13, 2011 - 04:45 AM

    As people tend to have less to spend on their annual holiday these days it makes sense to look at all of the options. In the past many holidaymakers have chosen a package deal in a hotel but in recent times more and more people are booking their flights and accommodation for themselves and saving money. For example if you want a holiday villa for rent in Spain you can book direct with the property owner by searching on a website which lists privately owned properties for rent. You simply contact the owner and book your holiday rental directly with them. Popular towns in the north of the Costa Blanca to book a villa holiday in Spain are Calpe, Javea, Benissa and Denia.

    Reply
  11. Commercial Realtors
    Sep 13, 2011 - 06:21 PM

    90% occupancy is a little too high by many hotel standards.  ROI should see a bump if it could be kept around 85%.  That small bump in rates would more than offset the 5% drop in occupancy and not stress the staff as much.

    Reply
  12. Hotels in Atlantic City
    Sep 17, 2011 - 05:58 PM

    asasasasasasasasasa

    Reply
  13. Unsecured Business Loans
    Sep 21, 2011 - 06:35 AM

    Hi there, I hopped over to your web blog. Never a little something I will often scan, nonetheless I actually prized a person’s ideas none of them a a reduced amount of. With thanks to get building a little something worth looking through.. Just simply assumed I’d shed that you’ set to make sure you actually your web blog seriously stones! Photograph interested in this information and facts for long periods.

    Reply
  14. villa holidays javea
    Sep 29, 2011 - 01:40 AM

    Last year, I started a business club for women – which has grown and we are actually hosting International Women’s Day. It just goes to show the power of women to make something out of nothing. This is a club of international women who have come to live on this coast.

    Reply
  15. villa holidays javea
    Sep 29, 2011 - 01:43 AM

    Drinking and Driving in Spain is normal. Death is cheap on the motorways. Every weekend families say goodbye to loved ones as the jaws of death scrape the mangled bodies of young and old from a twisted up piece of metal that used to be a car. Beer is not considered a dangerous drink, yet it has a 5% alcohol content. If you do need to get one you can go through the Drive-Thru window at your nearest McDonalds. Both wine and spirits are very cheap in Spain – so it is an alcoholic’s dream come true.

    Reply
  16. villa holidays javea
    Oct 05, 2011 - 01:53 PM

    Mallorca is by far the most well known for many of these stunning islands and is home to the port city and capital of the islands, Palma. Many who visit this island return time and time again, thanks to the beautiful scenery, dramatic landscapes and wonderful views and scents from the natural vegetation which includes olive trees and oranges. The capital is easily accessible from the tourist resorts to the east and boasts an extensive bus network.

    Reply
  17. Roofing Problems
    Oct 15, 2011 - 09:03 AM

    The asking
    price was decreased to reflect the lesser rent that a larger tenant would
    pay.This is a amazing.I am very impressed to this content.This is an amazing
    post.Thanks o share this blog with us.Keep sharing.I will keep share in
    future.

    Reply
  18. properties rent
    Nov 02, 2011 - 07:38 AM

    HI, 

    Thanks guys for sharing news about that Hotel Azure asking price cut to $23.8 million. Its really big news guys, You have done really great work to share it. 

    Reply
  19. Hotels In Phuket
    Dec 24, 2011 - 10:19 AM

    Hello..
    I was not aware of the facts related to the hotel. I am glad I visited here and come to know about it. I have gathered a huge knowledge being here.

    Reply
  20. Cape Coral Real Estate Listing
    Jan 24, 2012 - 04:31 PM

    Great post! Really relevant for my search..

    Reply
  21. Anonymous
    Feb 10, 2012 - 07:20 PM

    Based off the price, the Hotel Azure seems to be some prime piece of real estate. I’m sure the location doesn’t hurt either. I’m sure they always stay booked up with tourist.

    Reply
  22. luxury villa pollensa
    Feb 13, 2012 - 12:01 PM

    From my point of view i think going for rental property when you are enjoying holiday is a better option then from having deals with some luxurious hotels which charges a lot.

    Reply
  23. Salim Kho @ Avalon Bali Villa
    Mar 20, 2012 - 07:04 AM

    Well, I expect it’s gone now, but at that reduced price, I’ll take two please!

    Reply
  24. toronto seo company
    Mar 23, 2012 - 06:00 AM

    Really it is nice
    post and thanks for sharing it
     

    Reply
  25. seo company
    Apr 05, 2012 - 11:28 AM

    I found your post
    good and informative. I like your article. Thanks for sharing it.
     

    Reply
  26. seo services
    Apr 06, 2012 - 08:05 AM

    You have done a
    great work really. A lots of efforts behind this.
     

    Reply
  27. Desert safari trip Abu Dhabi
    Apr 08, 2012 - 08:16 AM

    thanks for
    energetic post
     

    Reply
  28. Real Estate for sale Toronto
    Apr 23, 2012 - 06:39 AM

    It article offers a large numbers of information in regarding to real estate.

    Reply
  29. seo services company
    May 05, 2012 - 09:32 AM

    thanks for
    energetic post
     

    Reply
  30. seo marketing services
    May 05, 2012 - 12:28 PM

    Great Blog. I add
    this Blog to my bookmarks.
     

    Reply
  31. toronto lofts
    May 07, 2012 - 01:00 PM

    Thanks for great
    index of very useful resources in a single page.
     

    Reply
  32. seo services
    May 08, 2012 - 07:23 AM

    You have done a
    great work really. A lots of efforts behind this.
     

    Reply
  33. search engine optimization ser
    May 09, 2012 - 08:36 AM

    Good concept!
    Thanks for sharing, But i m waiting for your new work.
     

    Reply
  34. seo services canada
    May 11, 2012 - 06:53 AM

    I love your
    blog,helpful, thanks for sharing!
     

    Reply
  35. Jennifer
    Jun 14, 2012 - 01:15 PM

    Thats a good asking price for 28-room hotel portion has an average rate of $210 per night, and ranging from $180 to $400 depending on season.

    Reply
  36. car payment calculator
    Aug 01, 2012 - 09:58 AM

    Why a sudden decision on selling Hotel Azure out on the market?

    Reply

Trackbacks/Pingbacks

  1. Linkage: Strange Smell at Trump Place; Glassy Brooklyn Tower Unfrozen? - The Broker Buddy
  2. Real Estate Weekly » Blog Archive » Chinatown retail building, with 18,000 s/f of air rights, on the market for $30 million

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyrıght 2013 FUEL THEMES. All RIGHTS RESERVED.