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249-5 Jericho Turnpike, Que...

Mahmeet Singh Acquires Hotel In Queens, New York For $7.85M
SOLDOther

Mahmeet Singh Acquires Hotel In Queens, New York For $7.85M

249-5 Jericho Turnpike, Queens, NY 11426, USA

Building Size

149,790 SF

Asset Type

Other

Closing

Mar 1, 2018

AI

Located at 249-05 Old Jericho Turnpike in New York's Queens market, this hotel property has recently been sold for a price of $7,850,000. The property spans across 14,979 square feet, offering ample space for its various amenities. With a price per square foot of $524, this transaction showcases the value and potential of the hotel asset. The property consists of 43 keys, providing accommodation options for guests.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $7,850,000
  • Square Footage: 14,979 sf
  • Price Per Square Foot: $524
  • Number of Keys: 43

In this deal, Harsh Patel acted as the seller, while Mahmeet Singh took on the role of the buyer. The transaction was successfully completed, allowing for the transfer of ownership of the hotel property. Notably, it is important to mention that New York City’s Department of Homeless Services had been renting 40 of the 43 rooms in early 2017 to house homeless families, highlighting the property's significance in addressing urgent societal needs.

Players

Harsh Patel

Seller

$1M

vol

3 deals

Seller

Bellerose Terrace Other Market Snapshot

Boundary boundary · Other · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93