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249-02 Jericho Turnpike

Vipal Patel Acquires Hotel In Bellerose Queens From Manmeet Singh For $9.2M
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