Hotel Azure featured on Real Estate Weekly

Posted by Wei Min Tan on October 30, 2017

Publication:  Real Estate Weekly

 

Summary:  Wei Min Tan’s Hotel Azure listing featured in REW.

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 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.



Contact Weimin



+1.212.380.6134



641 Lexington Avenue,
22nd floor,
New York, NY 10022





+1.212.380.6134



641 Lexington Avenue,
22nd floor,
New York, NY 10022





Work With Wei Min

CONTACT US

Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property.