Shulem Herman buys LIC homeless shelter for $37M

Brooklyn investor purchased 154-room building at 52-34 Van Dam Street from Lam Group

TRD NEW YORK /
Nov.November 27, 2018 08:00 AM

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.


Related Articles

arrow_forward_ios
The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

27-34 Jackson Avenue and Rockrose's Justin Elghanayan

Rockrose plans a $100M resi tower in LIC

Amazon CEO Jeff Bezos and Tesla CEO Elon Musk with Long Island City (Credit: Getty Images, Wikipedia)

Amazon insiders: HQ2 campaign driven by Bezos’ ego, subsidy envy

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

arrow_forward_ios
Loading...