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11 01 43rd Avenue

Richard Lou Of Palette Hotels Acquires Hotel In Long Island City Queens For $25.5M
SOLDHotel

Richard Lou Of Palette Hotels Acquires Hotel In Long Island City Queens For $25.5M

11 01 43rd Avenue

$25,500,000

$809/SF

Building Size

31,520 SF

Asset Type

Hotel

Closing

Nov 18, 2025

AI

The property asset involved in the transaction is a hotel located at 11-01 43rd Avenue in Long Island City, Queens. The sale price is $25,500,000, with a building size of 32,000 square feet, resulting in a price per building square foot of $797. The total square footage is 31,520, leading to a price per square foot of $809.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $25,500,000
  • Building Size: 32,000 square feet
  • Price per Building Square Foot: $797
  • Total Square Footage: 31,520
  • Price per Square Foot: $809
  • Buyer: Richard Lou - Palette Hotels
  • Seller: Frank Brosens - Taconic Capital Advisors

Palette Hotels, through Ph Lic Partners LLC, acquired the hotel, targeting a cash-flowing investment through this transaction. Richard Lou represents Palette Hotels while Frank Brosens represents Taconic Capital Advisors in this deal.

Players

TA
Taconic Capital AdvisorsSeller

Long Island City Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.62%

Cash-on-Cash

-0.18%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93