SOLD
The Collective Sells Long Island City Hotel To 37-06 36th Street Holdings For $35.7M
32-02 37th Avenue - The Collective Paper Factory
Hotel
Sold 300 days ago
Summary
Sale
NEW YORK
Hotel
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.
Details
SOLD
IMAGE: Reza Merchant
DATE: 08/22/2023
ADDRESS: 32-02 37th Avenue - The Collective Paper Factory
MARKET: Long Island City, Queens
ASSET TYPE: Hotel
BUYER: 37-06 36th Street Holdings
SELLER: The Collective - Reza Merchant
SALE PRICE: $35,700,000
KEYS: 123 ~ PPK: $290,244
NOTE: The Collective, owned by Reza Merchant, has sold a Long Island City hotel for $35.7 million, marking a 38 percent decrease from its 2019 purchase price of $58 million.View on map
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Address32-02 37th Avenue - The Collective Paper Factory
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