Merchants Hospitality Group Acquires Z Hotel & Land Behind Hotel In Long Island City For $34M

The 100-unit Z Hotel located at 11-01 43rd Avenue in Long Island City, New York has been sold for $34,000,000**. The transaction involved the purchase of both the hotel and the land behind it. The buyer, Merchants Hospitality Group, acquired the property from the Estate of Henry Zilberman A"H.

Summary of transaction details

• Property Type: Hotel & Land Behind Hotel
• Transaction Amount: $34,000,000**
• Address: 11-01 43rd Avenue, New York
• Market: Long Island City
• Units: 100
• Seller: The Estate of Henry Zilberman A"H
• Buyer: Merchants Hospitality Group

ABS, represented by Steve Hornstock, John Broad, Alex Warner, Jake Bank, Alan Cohen, and Ryan Cerqueria, acted as the brokers in this deal. The potential plans for the property include the development of 109 additional units on the land and the repositioning of the garage into retail and similar uses, such as galleries and a spa. There is also the possibility of creating a co-working space on the premises, as reported by Lois Weiss of the New York Post.