Breaking News

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

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    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.

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    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.

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  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.

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    Jan 24, 2012 - 04:31 PM

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  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.

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    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.

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    Mar 20, 2012 - 07:04 AM

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

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  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.

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



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