McSam Hotel Group Acquires Office In Long Island City For $7.8M

The property at 3804 11th St, Queens, NY, 11101 in Long Island City, was sold for $7,800,000.00. The asset, an office building, was acquired by McSam Hotel Group from seller Alec Shtromandel. The purchase is part of McSam Hotel Group's plan to construct a 142-key hotel spanning 43,458 square feet on the site with approved plans and a foundation already in place.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $7,800,000.00
• Address: 3804 11th St, Queens, NY, 11101
• Market: Long Island City
• Buyer: McSam Hotel Group
• Seller: Alec Shtromandel

Notably, the buyer's representative in this transaction was Stephen R. Preuss Sr. from Ripco, while the seller was represented by Winfield Clifford of JLL. Sam Chang from McSam Hotel Group is venturing into the competitive Long Island City hotel market with plans for the new 142-key hotel on the recently acquired property.