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
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