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Ravinder Chopra Acquires Explore Hotel & Hostel In Flushing, Queens For $6.55M

33-53 Farrington Street
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This Hotel property located in NY was sold for $6,550,000 over 4 years ago. The brokers of the deal were Stephen R. Preuss Sr. and Kevin Louie

Located at 33-53 Farrington Street in Flushing, Queens, the Explore Hotel & Hostel has been sold in a recent transaction. The property is a hotel with 26 rooms, offering a PPR (price per room) of $252,000. With a total square footage of 9,887, the hotel is priced at a PPSF (price per square foot) of $662. The sale price for this asset was $6,550,000. The deal was finalized on September 10, 2019.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $6,550,000
  • Address: 33-53 Farrington Street, Flushing, Queens
  • Market: Flushing, Queens
  • Seller: Vic Peng
  • Buyer: Ravinder Chopra
  • Brokers: Stephen R. Preuss & Kevin Louie from @teampreuss
  • PPR: $252,000
  • PPSF: $662
  • Total Square Footage: 9,887
  • Date: September 10, 2019

It is worth noting that the property was delivered vacant and in As-Is condition, allowing the new owner to make any desired renovations or changes to the hotel.

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Deals
  • Location
    33-53 Farrington Street, Flushing, NY, USA33-53 Farrington Street, Flushing, NY, USA
  • Sale Price
    $6,550,000$6,550,000
    $662 PPSF$662 PPSF
  • Area
    9,887 SF9,887 SF
  • Asset Type
    HotelHotel
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

Kevin Louie

Kevin Louie

Deals78
Sold$653.6M

Stephen R. Preuss Sr.

Stephen R. Preuss Sr.

Deals179
Financed$1.3B

Agency

Ripco

Ripco

Agency
Deals629
Volume$4.2B

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Deal Summary

SALE IMAGE: Kevin Louie and Stephen R. Preuss DATE: 09/10/2019 ADDRESS: 33-53 Farrington Street NAME: Explore Hotel & Hostel MARKET: Flushing, Queens ASSET TYPE: Hotel SELLER: Vic Peng BUYER: Ravinder Chopra BROKERS: Stephen R. Preuss & Kevin Louie @teampreuss SALE PRICE: $6,550,000 ROOMS: 26 ~ PPR: $252K PPSF: $662 ~ SF: 9,887 NOTE: Delivered vacant & in As-Is condition.

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33-53 Farrington Street

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