Updated Oct 29, 2024
McSam Hotel Group Acquires Hotel Development Site In Long Island City For $8M
38-23 9th St, Long Island City, NY 11101, USA
Building Size
50,000 SF
Asset Type
Development Site
Closing
Jul 25, 2018
About this deal
AI
A hotel development site located at 3823-3837 9th Street, Long Island City in Queens, New York has been sold in a closed transaction for a record price of $8,000,000. The property has a total square footage of 50,000 SF and a price per buildable square foot (PPBSF) of $160, making it the highest recorded price for the neighborhood.
Summary of transation details
- Property Type: Hotel Development Site
- Transaction Amount: $8,000,000
- Address: 3823-3837 9th Street, Long Island City, Queens, New York
- Market: Queens
- Seller: Ioannis Manassakis
- Buyer: McSam Hotel Group
- Broker: Stephen R. Preuss of Cushman & Wakefield
The buyer, McSam Hotel Group, acquired the hotel development site from the seller, Ioannis Manassakis. The transaction was facilitated by Stephen R. Preuss of Cushman & Wakefield, who represented the buyer in the deal.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93