McSam Hotel Group Acquires Hotel Development Site In Queens For $7.8M

The property at 38-04 11th Street in New York City's Queens market was recently sold for a total of $7,800,000. This property is a hotel development site with approved plans. The building has a gross square footage of 43,458 square feet and a price per square foot of $180. It features 142 keys, and the price per key comes out to $55,000.

Summary of transaction details:

• Property Type: Hotel Development Site
• Transaction Amount: $7,800,000
• Gross Square Footage: 43,458 sf
• Price per Square Foot: $180
• Number of Keys: 142
• Price per Key: $55,000

The seller of the property was 38-04 11th Street, LLC, while the buyer was McSam Hotel Group. The deal was facilitated by Stephen R. Preuss and Winfield Clifford of Cushman & Wakefield.