Unique opportunity to purchase a full floor penthouse of flexible residential/commercial space on the top floor of Novotel hotel. The approximately 4,700 interior sq. ft. plus 3,200 sq. ft. terrace boasts breathtaking 360 degree views of the Hudson River, New Jersey, Manhattan skyline and Times Square. Purchase a leasehold that can be sold, rented, used as live/work, transferred, mortgaged, and qualifies for 1031 like kind exchanges and will last until 2083 with the low maintenance price of $1,111 per month. The owner will have key fob access to the private elevator landing where the current configuration is live/work. The Commercial Space is organized into five offices with reception and storage rooms, two half baths, kitchenette, and a large conference room with a private terrace and full bath. The Residential Space currently consists of a one bedroom apartment with a 50 ft. living room, full kitchen, 1 bath, large bedroom, two wood burning fireplaces, and a gorgeous wrap around terrace. No board approval required. Corporate, LLC and non-U.S. resident purchases are allowed. The possibilities are endless. This space could be converted entirely to residential space with a change to the certificate of occupancy or remain commercial live/work. Novotel has a 24 hour doorman, concierge, maid service and a wonderful restaurant called Supernova, which will deliver. The Investment Potential according to the owners. Please check with your investment advisor/accounting firm to confirm these assumptions: This unit has the potential to generate at least $28,000 a month in rental income. With only $1,111 in monthly carrying costs your yearly net profit could be $322,668. With 67 years left on the lease you have the potential to make $21,618,756 at the current rent without factoring appreciation and loss between tenants. That translates into a 4.6% yearly cap rate.
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