McSam Hotel Group Sells Fully-Approved Dev Site For Hotel In Queens Near JFK Airport For $35 Million

The property involved in this closed transaction is a fully-approved development site for a hotel located at 135-25 142nd Street / 135th Avenue near JFK Airport in the Queens market. The property is a piece of land with a total buildable square footage (BSF) of 271,018. The sale price for this property was $35,000,000, resulting in a price per buildable square footage (PPBSF) of $129. The property has a projected total of 544 keys according to the plans, which gives a price per key (PPK) of $64,000.

Summary of transaction details

• Property Type: Land / Fully-Approved Dev Site for Hotel
• Transaction Amount: $35,000,000
• Market: Queens / Near JFK Airport
• Buildable Square Footage (BSF): 271,018
• Price per Buildable Square Footage (PPBSF): $129
• Keys: 544 (Per Plans)
• Price per Key (PPK): $64,000

The seller of this property is the McSam Hotel Group. Other individuals and companies involved in the transaction include Sam Chang and Stephen R. Preuss. Sam Chang and Stephen R. Preuss represent the McSam Hotel Group as their brokers in this deal.