3860 13th St - Hospitality FOR SALE
Long Island City, NY 11101 |
3860 13th St
Long Island City, NY 11101
HIGHLIGHTS
- 25-Year ICAP Tax Abatement
- Ideal opportunity to reposition this hotel, presently operating with a component of student housing.
- $10.1 MM of assumable debt in place, due Jan 2023 at 5.68%.
- This property will be approved by IHG, Hilton, Hyatt, or Choice for multiple flag options, Opportunity to instantly increase value through a new flag
- Reflagging can lead to approx 20% increase in ADR and RevPar
- PIP for reflagging can be 100% financed
FOR SALE DETAILS
PRICE
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# OF ROOMS
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CAP RATE
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BUILDING DETAILS
PROPERTY NAME
Giorgio Hotel
PROPERTY TYPE
Hospitality
TOTAL BUILDING SIZE
47840
STORIES
10
ROOM ENTRANCE
Interior
BUILDING CLASS
B
YEAR BUILT
2017
PARKING SPACES
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LAND DETAILS
LAND ACRES
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LAND SF
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ZONING
M1-3
APN/PARCEL ID
00472-0679
