Rubin Isak & Lev Kimyagarov Acquire Long Island City Hotel For $18.1M

Located in Long Island City, the property at 42-24 Crescent Street was recently sold in a closed transaction. This 7-story hotel, which includes a basement and an elevator, has a total area of 31,500 square feet. The property was delivered vacant, making it a perfect candidate for conversion. The sale price for this hotel was $18,135,000, resulting in a price per square foot of $576.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $18,135,000
• Address: 42-24 Crescent Street
• Market: Long Island City
• Square Footage: 31,500
• Price per Square Foot: $576

Rubin Isak and Lev Kimyagarov, representing Development Site Advisors, were the brokers involved in this sale. They played a crucial role in facilitating the transaction and ensuring a successful outcome for all parties involved.

It is worth noting that this property is zoned as M1-5/R7-3/LIC, providing further flexibility for potential development or conversion plans. The hotel's vacant status allows for a seamless transition into a different asset type, opening up numerous possibilities for buyers or developers looking for a new venture.

Development Site Advisors is actively seeking real estate agents who are looking for career advancement opportunities. They are offering aspiring salespeople a chance to become independent brokers, establish their own territories, and form their own teams. With dedicated back-office support, agents can focus on selling development sites, air rights, and vacant conversion properties like this one. Interested individuals are encouraged to reach out to Rubin or Lev directly to initiate a conversation and explore this exciting opportunity.