Long Island City hotel project moves forward with construction loan

Funding for Developer Teddy Li’s 240-key hotel comes from Madison Realty Capital

TRD New York /
Nov.November 08, 2019 07:00 AM
Rendering of the Staybridge Suites at 38-59 11th Street

Rendering of the Staybridge Suites at 38-59 11th Street

A new hotel planned for Long Island City has landed a $46 million construction loan, according to sources familiar with the deal.

The 240-key project from developer Teddy Li will be a Staybridge Suites at 38-59 11th Street targeting extended-stay and corporate travelers. The hotel will span about 183,000 square feet and stand 24 stories tall. Construction is about 60 percent complete.

Marcus & Millichap brokers Gary Sefcik and Iona Liu brokered the financing from nonbank lender Madison Realty Capital. The deal included condo units and a medical office property in Flushing as additional collateral.

Li, who also has a hotel project at 88 Walker Street in Chinatown, is building the Long Island City hotel on an empty lot, and prolific architect Gene Kaufman is designing the project.

Li declined to comment on the project.

Long Island City is among the most popular outer borough neighborhood for hotel development. A 2017 analysis from The Real Deal found that developers had planned more than 40 projects in the area dating back to 2010.

 

Related Articles

arrow_forward_ios
Heritage Equity Partners’ Toby Moskovits, Benefit Street Partners real estate managing director Micah Goodman, and the Williamsburg Hotel at 96 Wythe Avenue (Credit: Google Maps)

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default

461 West 34th Street with Marx Development Group's David Marx (Credit: Google Maps)

David Marx lands $202M refi for Hudson Yards hotel

CW Realty's Cheskie Weisz and the Williamsburg assemblage (Credit: CW Realty and Google Maps)

CW Realty buying Williamsburg assemblage for $39M

42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

arrow_forward_ios