NexGen Hotels Acquires Hotel In Long Island City For $26.64 Million Represented By Raymond Mordekhai

The asset involved in this transaction is a hotel located at 9-02 38th Avenue in Long Island City. The sale price of the property was $26,643,750, and it encompasses a total square footage of 44,168. The price per square foot was calculated to be $603. The hotel has a total of 110 keys, which translates to a price per key of $242,215.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $26,643,750
• Address: 9-02 38th Avenue
• Market: Long Island City
• Square Footage: 44,168
• Price Per Square Foot: $603
• Keys: 110
• Price Per Key: $242,215
• Buyer: NexGen Hotels
• Seller: Dr. Abe Mendel & Steven Mendel - Riverbrook Hospitality
• Seller's Representative: Raymond Mordekhai - Forest Park Properties Inc.
• Auction Experts: Dave Levi & Samuel Gelman - Ten-X

This transaction involved NexGen Hotels as the buyer acquiring the property from Dr. Abe Mendel and Steven Mendel, who represented Riverbrook Hospitality. The seller's representative for this deal was Raymond Mordekhai from Forest Park Properties Inc. The auction experts facilitating the transaction were Dave Levi and Samuel Gelman from Ten-X.