Mayfair Suites Hotel Leases 21,657 SF Hotel Space At 38-58 12th Street In Long Island City
38 58 12th Street
$55
$55/SF
Building Size
21,657 SF
Asset Type
Hotel
Closing
Apr 14, 2025
About this deal
AI
The property involved in this transaction is a hotel located at 38-58 12th Street in Long Island City, featuring a total square footage of 21,657. The asset was leased with an asking rent of $55 per square foot under a NNN lease structure.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $55/ft
- Square Footage: 21,657
- Address: 38-58 12th Street
- Market: Long Island City
- Tenant: Mayfair Suites Hotel
- Broker: Jeff Geoghegan - KSR
Jeff Geoghegan represented KSR in this lease transaction, actively working with multiple hotel operators seeking NNN lease opportunities and acquisition prospects for hotel properties across the nation. The broker encourages principals or brokers with qualified opportunities to make direct contact.
On the Map
$55
$55/SF
Hotel
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Players
Long Island City Hotel Market Snapshot
Boundary boundary · Hotel · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
288418.18%
Cash-on-Cash
-82430.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93