Sunny Bhatti And Taran Bhatti Acquire Hotel In Long Island City For $14.32M From Rialto Capital
29-11 39th Avenue
$14,317,000
$505/SF
Building Size
28,350 SF
Asset Type
Hotel
Closing
Jan 7, 2026
About this deal
AI
This transaction involves a hotel asset located at 29-11 39th Avenue in Long Island City. The sale price for the property was $14,317,000, encompassing a total square footage of 28,350. The sale also reflects a price per square foot of $505 and includes 62 keys, equating to a price per key of $230,919.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $14,317,000
- Buyer: Sunny Bhatti & Taran Bhatti
- Seller: Rialto Capital
- Square Footage: 28,350
- Price Per Square Foot: $505
- Number of Keys: 62
- Price Per Key: $230,919
- Date of Transaction: 1/8/2026
- Market: Long Island City
Sunny Bhatti and Taran Bhatti, representing the buyers, have successfully acquired this hotel through an all-cash deal, enhancing their hospitality portfolio. They express a commitment to ongoing investments in the hotel sector and are actively seeking additional opportunities for hotel and motel acquisitions in the Bronx, Brooklyn, and Queens.
On the Map
$14,317,000
$505/SF
Hotel
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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
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93