Lightstone Group Acquires Hotel In Long Island City For $60M

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...