SOLDHotel
Vipal Patel Acquires Hotel In Bellerose Queens From Manmeet Singh For $9.2M
$9,200,000
$614/SF
Building Size
14,979 SF
Asset Type
Hotel
Closing
Mar 16, 2026
AI
A hotel asset located at 249-02 Jericho Turnpike in Bellerose, Queens, was sold for $9.2 million. The property encompasses a total area of 14,979 square feet, resulting in a price per square foot of approximately $614.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $9,200,000
- Sale Date: March 16, 2026
- Square Footage: 14,979
- Price Per Square Foot: $614
- Buyer: Vipal Patel
- Seller: Manmeet Singh
- Market: Bellerose, Queens
This transaction was facilitated with Vipal Patel acquiring the hotel from Manmeet Singh, marking a significant exchange in the local real estate market.
Players
Market 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
1.72%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93