McSam Hotel Group Acquires Hotel Development Site In Long Island City For $8M

A hotel development site located at 3823-3837 9th Street, Long Island City in Queens, New York has been sold in a closed transaction for a record price of $8,000,000. The property has a total square footage of 50,000 SF and a price per buildable square foot (PPBSF) of $160, making it the highest recorded price for the neighborhood.

Summary of transation details

• Property Type: Hotel Development Site
• Transaction Amount: $8,000,000
• Address: 3823-3837 9th Street, Long Island City, Queens, New York
• Market: Queens
• Seller: Ioannis Manassakis
• Buyer: McSam Hotel Group
• Broker: Stephen R. Preuss of Cushman & Wakefield

The buyer, McSam Hotel Group, acquired the hotel development site from the seller, Ioannis Manassakis. The transaction was facilitated by Stephen R. Preuss of Cushman & Wakefield, who represented the buyer in the deal.