Lightstone Group Acquires Hotel In Long Island City For $60M
29-21 41st Ave, Long Island City, NY 11101, USA
Building Size
85,140 SF
Asset Type
Other
Closing
Mar 28, 2018
About this deal
AI
A hotel located at 29-21 41st Avenue in Long Island City, New York, has been sold in a closed transaction. The property was purchased for a total price of $60 million, resulting in an approximate price per key (PPK) of $330,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $60 million
- Address: 29-21 41st Avenue, Long Island City, New York
- Market: Long Island City
The seller of the hotel was a group of investors led by Sagamore Capital and Ranger Properties. On the other hand, the buyer was the Lightstone Group, represented by David Lichtenstein and Mitchell Hochberg. David Lichtenstein, aged 58, is a prominent figure in the real estate industry, having purchased his first property with...
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Long Island City Other Market Snapshot
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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