Taconic Capital Advisors Acquires Long Island City Hotel From Merchants Hospitality For $38.4M
11-01 43rd Avenue, Long Island City, NY, USA
$38,385,823
$1,217/SF
Building Size
31,520 SF
Asset Type
Hotel
Closing
May 11, 2020
About this deal
AI
An undisclosed hotel property located at 11-01 43rd Avenue in Long Island City has been sold for $38,385,823. The transaction took place on May 11, 2021. The buyer, Taconic Capital Advisors, acquired the property from Merchants Hospitality. The hotel spans approximately 31,520 square feet, with a price per square foot of $1,217. The deal also included 100 keys, resulting in a price per key of $383,858.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $38,385,823
- Address: 11-01 43rd Avenue
- Market: Long Island City
Abraham Merchant, Frank Brosens, and Christopher DeLong were involved in the transaction. They were representing the seller, Merchants Hospitality. The previous sale of the property took place in July 2018, with a price tag of $32,250,000.
On the Map
$38,385,823
$1,217/SF
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93