Xiaojun Pan Acquires Hotel In Flushing, Queens For $7.5M

A hotel located at 31-16 Linden Place in Flushing, Queens, was recently sold for $7,500,000. The property spans 13,603 square feet and was sold at a price of $551 per square foot. The transaction took place on January 22, 2021, and the buyer was Xiaojun Pan, while the seller was Chung Lam. The deal was facilitated by broker Stephen R. Preuss from Team Preuss.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $7,500,000
• Address: 31-16 Linden Place, Flushing, Queens
• Square Footage: 13,603
• Price per Square Foot: $551
• Buyer: Xiaojun Pan
• Seller: Chung Lam
• Broker: Stephen R. Preuss from Team Preuss

Stephen R. Preuss from Team Preuss served as the broker for this transaction. The deal involved 30 keys with a price per key of $250,000. This sale in Flushing demonstrates the continued strength of the hotel market in Queens, with the property being sold at a favorable price per square foot.