Jacob Rad's LIC Hotel Property Sells In Long Island City For $40.5M
39-06 30th St Queens, NY 11101, USA
$40,500,000
$636/SF
Building Size
63,649 SF
Asset Type
Hotel
Closing
Jul 20, 2023
About this deal
AI
A hotel property located at 39-06 30th Street in Long Island City has been recently sold for a total price of $40,500,000. The property spans across 63,649 square feet, resulting in a price per square foot of $636. This transaction involves the sale of the hotel asset.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $40,500,000
- Address: 39-06 30th Street, Long Island City
- Market: Long Island City
- Square Footage: 63,649
- Price per Square Foot: $636
Jacob Rad, the representative of the LIC Hotel Property, acted as the seller in this transaction. The seller was represented by Gary Rosen, an attorney from Rosen Law LLC located in Great Neck. The involvement of Gary Rosen and Rosen Law LLC highlights the legal aspect of the deal.
On the Map
$40,500,000
$636/SF
Hotel
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Players
Street Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93