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Vipal Patel Acquires Hotel In Bellerose Queens From Manmeet Singh For $9.2M
SOLD
$9,200,000
New York
See Similar DealsHotel14,979 SF
Sold 03/16/2026
SOLD
Vipal Patel Acquires Hotel In Bellerose Queens From Manmeet Singh For $9.2M
Hotel14,979 SF
Sold 03/16/2026
Summary
Asset Type:Hotel
Price Per Square Foot:$614
Total Square Footage:14,979 SF
Transaction Type:Sale
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.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$490,666.68
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$32,685.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$43,612.69
Annual Debt Service$523,352.32
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