Taconic Capital Advisors Acquires Long Island City Hotel From Merchants Hospitality For $38.4M
SOLD
$38,385,823
New York
See Similar DealsHotel31,520 SF
Sold 05/11/2020
SOLD
Taconic Capital Advisors Acquires Long Island City Hotel From Merchants Hospitality For $38.4M
11-01 43rd Avenue, Long Island City, NY, USA
See Similar DealsHotel31,520 SF
Sold 05/11/2020
Summary
NEW YORK
Asset Type:Hotel
Price Per Square Foot:$1,217
Total Square Footage:31,520 SF
Transaction Type:Sale
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.
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30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,047,243.90
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$136,376.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$181,968.38
Annual Debt Service$2,183,620.61
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