The Collective Sells Long Island City Hotel To 37-06 36th Street Holdings For $35.7M

The Collective Paper Factory, a hotel located at 32-02 37th Avenue in Long Island City, Queens, has been sold for $35.7 million. The property was purchased by 37-06 36th Street Holdings from The Collective, owned by Reza Merchant. This sale represents a significant decrease of 38 percent from the property's previous purchase price of $58 million in 2019.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $35,700,000
• Address: 32-02 37th Avenue, Long Island City, Queens
• Buyer: 37-06 36th Street Holdings
• Seller: The Collective - Reza Merchant

The buyer, 37-06 36th Street Holdings, has acquired The Collective Paper Factory in Long Island City. The seller, The Collective, is represented by Reza Merchant. This transaction marks a significant decrease in value compared to its previous sale in 2019, highlighting market fluctuations in the hotel industry.