39-05 29th St - Hospitality FOR SALE


Long Island City, NY 11101- LIC
$27,400,000 USD
843-324-5301
39-05 29th St, Long Island City, NY for Sale
$27,400,000 USD
Hospitality - FOR SALE
1/25
null | Request Cap Rate

39-05 29th St
Long Island City, NY 11101
LIC


HIGHLIGHTS

  • Ownership has invested nearly $5M in the last year to bring the property to working order, reducing immediate capital investment needs for a buyer.
  • Current ownership plans to reopen the hotel as an independent, non-branded property in 2025, having already passed key inspections.
  • The Industrial & Commercial Abatement Program (ICAP) offers substantial savings, significantly reducing property taxes over the holding period.
  • As a non-unionized hotel, greater operational flexibility and potential cost savings are notable opportunities.
  • Hilton brand representatives have expressed strong interest in an affiliation with possibilities of either Hampton by Hilton or Tru by Hilton brand.
  • Situated minutes from Midtown Manhattan, the property is near one of the world’s most robust corporate and tourism markets, driving consistent demand.

OVERVIEW

For more information, please visit the HVS marketing website to electronically execute the confidentiality agreement and get access to the Virtual Deal Room (VDR): https://brokerage.hvs.com/listing/?id=150944 HVS Brokerage & Advisory, as the sole and exclusive advisory firm to ownership, is pleased to present the opportunity to acquire the former, 136-key Holiday Inn Long Island City – Manhattan View. The non-unionized hotel (unencumbered by a brand or management agreement) has been closed since 2020; however, an investment of $5 million has already been spent to bring the property back to working order. An investor would have the flexibility to reposition it as a newly renovated, premium-branded hotel asset and the ability to capitalize on the significant upside potential, optimizing operational efficiencies in a historically strong-performing submarket to drive both revenue and profitability.

FOR SALE DETAILS

PRICE

$27,400,000 USD

PRICE/SF

$429 USD /SF

# OF ROOMS

136

PRICE/ROOM

$201,471 {currency}

CAP RATE

Request Cap Rate

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Former Holiday Inn L.I. City - Manhattan View

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

17

ROOM ENTRANCE

Interior

BUILDING CLASS

B

YEAR BUILT

2007

PARKING SPACES

17

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,632 SF

ZONING

M1-3; R5D

APN/PARCEL ID

00399-0017

ASK ABOUT THIS PROPERTY

843-324-5301

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843-324-5301

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