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.