Diamond7
YEC, OEC, GAP, TE - Dispensationalist.
- Nov 23, 2022
- 5,267
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- United States
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- Married
I am not an expert on NYC real estate. We know the city paid $174 million or something like that. We paid $40,000. It was across the street from Goodyears corp offices. They got upset looking at homeless people and bought the hotel for $60,000 and tore it down. There was actually two or three millon they put into fixing things up at the time. I had a friend that sold them some top soil from his 40 acres. The city would have taken over the building if we did not sell it to them.. So there's no reason to believe that they were five star hotels at the time they were occupied by these winos and drunks.
My guess is that thny building is delict and scheduled for demolition and the city bought it for the price of the land. But I do not know that much about it and I do not care enough to do the research so I will just go with my assumption and you can disregard them if you want. Usually the city gets that sort of stuff when they are trying to collect the back taxes. They have to let people know they mean business when they collect their $3000 a year for the home we live in. Use to be they gave away property to anyone willing to pay the taxes on it. Even now you hear stories about homes selling for a dollar in Detroit or Baltimore that cost a million dollars in LA.
According to Bing
- The hotel underwent a $65 million renovation in the 1990s but faced challenges due to the 9/11 terrorist attacks, affecting tourism and occupancy.
- Market Value:
- If we consider the average price for hotels, the Roosevelt—with its 1,015 rooms—would sell for approximately $636 million.
- However, when comparing it to other hotels in Midtown Manhattan, its true comparables, the enterprise value could range between $1 billion and $1.4 billion2.
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