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2 BR Condotel 2022 net return 5. 8%
Incredible opportunity to own a piece of New York City History in the Iconic Plaza Hotel! Known as The Vanderbilt Suite, this stunning two bedroom condo hotel suite is over 1487 sq ft (138. 14 sq m). This sprawling two bedroom corner unit offers beautiful views on to Fifth Avenue and an over-sized living room with an elegant separate dining area nestled into a beautiful rounded corner window. A fully outfitted butlers pantry and wet bar make this unit perfect for entertaining and the layout makes it feel like a real home. There is a perfectly placed second bathroom in the hallway which doubles as a powder room for guests and is located just across the second bedroom. The gorgeous master bedroom suite also has an over-sized spa-like bathroom featuring a custom claw foot bathtub, separate spa shower and a private WC. Exquisitely decorated in perfect Louis XV style and complete with two private owners closet. Priced competitively, this is a once in a lifetime opportunity to own a truly unique and spectacular pied-a-terre and income producing property. The owner may rent the suite through the hotel rental management program while not in residence and has the option to use the suite for up to 120 days per annum at the owners discretion. With an excellent annual net return of more than 3% on average for (2017-2019 figures), this is an amazing investment opportunity and ideal pied-a-terre!
Please call or email for further financial information. The Plaza Hotel which had 804 rooms was converted into a hotel and a residential condo in 2007. The new Plaza Hotel has only 272 rooms which is a reduction of 66%. This iconic hotel continues to have high demand and now with far fewer rooms the occupancy and rates are quite high which greatly benefits the condo hotel owners.
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Our Executive Mortgage Banker:
Our Insurance Division:
$4,995,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 347.223.0992
Sarah.Alvarez@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $3,996,000 | $3,996,000 | $3,996,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.875% | 6.500% | 6.250% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.335% | 6.612% | 6.433% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $23,638 | $25,257 | $34,263 |
Total Monthly Payment | $23,763 | $25,382 | $34,388 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.