Ravinder Chopra Acquires Explore Hotel & Hostel In Flushing, Queens For $6.55M

Located at 33-53 Farrington Street in Flushing, Queens, the Explore Hotel & Hostel has been sold in a recent transaction. The property is a hotel with 26 rooms, offering a PPR (price per room) of $252,000. With a total square footage of 9,887, the hotel is priced at a PPSF (price per square foot) of $662. The sale price for this asset was $6,550,000. The deal was finalized on September 10, 2019.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $6,550,000
• Address: 33-53 Farrington Street, Flushing, Queens
• Market: Flushing, Queens
• Seller: Vic Peng
• Buyer: Ravinder Chopra
• Brokers: Stephen R. Preuss & Kevin Louie from @teampreuss
• PPR: $252,000
• PPSF: $662
• Total Square Footage: 9,887
• Date: September 10, 2019

It is worth noting that the property was delivered vacant and in As-Is condition, allowing the new owner to make any desired renovations or changes to the hotel.