Centers Health Care Acquires Long Island City Hotel For $63M
38-59 11th Street, Queens, New York 11101, United States
$63,000,000
$344/SF
Building Size
183,000 SF
Asset Type
Hotel
Closing
Jul 10, 2022
About this deal
AI
The hotel located at 38-59 11th Street in Long Island City has been sold. The property was purchased by Centers Health Care from the seller, 559 Development LLC. The transaction took place on July 11, 2022.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $63,000,000
- Address: 38-59 11th Street
- Market: Long Island City
- Buyer: Centers Health Care
- Seller: 559 Development LLC
- Keys: 240
- Price Per Key: $262,500
- Square Footage: 183,000
- Price Per Square Foot: $344
Centers Health Care is a major player in the transaction as the buyer of the hotel property. The seller, 559 Development LLC, represented their interests in the deal.
On the Map
$63,000,000
$344/SF
Hotel
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Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93