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

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.