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

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.