The Real Deal New York

Shulem Herman buys LIC homeless shelter for $37M

Brooklyn investor purchased 154-room building at 52-34 Van Dam Street from Lam Group
By Eddie Small | November 27, 2018 08:00AM

52-34 Van Dam Street in Long Island City (Credit: Trivago)

Brooklyn investor Shulem Herman has gone to Queens for his latest purchase.

Herman has purchased a homeless shelter in Long Island City from Lam Group for $36.5 million, according to property records. He took out a roughly $23.2 million mortgage for the purchase from Sterling National Bank.

The 154-room building used to be a Fairfield Inn hotel and is located at 52-34 Van Dam Street.

Herman bought 1501 Pitkin Avenue in Brownsville late last year for $53 million in what may have been the most expensive single-building deal in the working-class neighborhood’s history. He could not be reached for comment.

The property is located right down the road from 52-02 Van Dam Street, where developer Sam Chang just filed plans for a 282-room hotel.