Centers Health Care Acquires Long Island City Hotel For $63M

The hotel located at 38-59 11th Street in Long Island City has been sold. The property was purchased by Centers Health Care from the seller, 559 Development LLC. The transaction took place on July 11, 2022.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $63,000,000
• Address: 38-59 11th Street
• Market: Long Island City
• Buyer: Centers Health Care
• Seller: 559 Development LLC
• Keys: 240
• Price Per Key: $262,500
• Square Footage: 183,000
• Price Per Square Foot: $344

Centers Health Care is a major player in the transaction as the buyer of the hotel property. The seller, 559 Development LLC, represented their interests in the deal.