SOLD
Jasmin Patel Buys Hotel In Long Island City From Sam Chang For $40.5M
38-04 11th Street
Hotel
59,261 SF
59,261 SF
Sold 42 days ago
Summary
Sale
NEW YORK
Hotel
59,261 sqft
The hotel property located at 38-04 11th Street in Long Island City, Queens, was recently sold for $40.5 million. Spanning across 59,261 square feet, the asset consists of 142 keys, achieving a price per square foot of $683 in the transaction between Sam Chang's McSam Hotel Group and Jasmin Patel.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $40,500,000
- Buyer: Jasmin Patel
- Seller: Sam Chang - McSam Hotel Group
- Address: 38-04 11th Street
- Market: Long Island City, Queens
- Square Footage: 59,261
- Keys: 142
Jasmin Patel financed the acquisition of the hotel with a $25 million loan from Metro City Bank. The significant appreciation in value from Sam Chang's 2017 purchase of the property for $7.8 million indicates a lucrative investment opportunity for Patel.
Details
SOLD
IMAGE: Sam Chang
DATE: 03/22/2024
ADDRESS: 38-04 11th Street
MARKET: Long Island City, Queens
ASSET TYPE: Hotel
BUYER: Jasmin Patel
SELLER: Sam Chang - McSam Hotel Group
SALE PRICE: $40,500,000
SF: 59,261 ~ PPSF: $683
KEYS: 142 ~ PPK: $285,211
NOTE: Jasmin Patel acquired the newly constructed 181-unit hotel building (H3) in Long Island City, Queens, from Sam Chang's McSam Hotel Group for $40.5 million. The transaction, closed on March 22, 2024, was financed with a $25 million loan from Metro City Bank, marking a significant appreciation in value since Sam Chang's purchase of the property for $7.8 million in 2017.View on map
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Address38-04 11th Street
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