Shuttered Courtyard by Marriott LaGuardia up for sale

3.5-acre site won major tax certiorari in June

New York /
Nov.November 16, 2021 01:30 PM
Shuttered Courtyard by Marriott LaGuardia up for sale

90-10 Ditmars Boulevard in East Elmhurst (Google Maps)

Hotels have been largely empty during the pandemic. As have airports. So if you own an airport hotel, chances are it’s been a rough 20 months.

No wonder, then, that the owner of the former Courtyard by Marriott LaGuardia hotel in Queens wants to sell the property.

The Connecticut-based Heyman family has owned the six-story building on the 3.5-acre lot at 90-10 Ditmars Boulevard in East Elmhurst for the past decades.

GCP Realty II, the Heyman-family-owned entity, closed the 288-key hotel in 2017. The building has sat vacant since then, according to Stephen Preuss of Ripco Real Estate, who is marketing the property along with Kevin Schmitz, Kevin Louie and Andreas Eftymiou.

Even though the hotel has been shut, the owner has kept up daily maintenance, Preuss said.

“If you’re walking in, it really looks very similar to an operating hotel,” he said.

The obvious difference: no guests.

The owner now wants to take advantage of the strong market in Queens and find a “buyer who has the right type of use for it,” including as a senior care, assisted living, office, medical or mixed-use facility, or even another hotel, Preuss said. Ripco is expecting offers in the mid-$60 million range.

The 189,250-square-foot building is located directly across from LaGuardia Airport, which is going through an $8 billion redevelopment project. The property, which includes 323 parking spots, is near the entrance to the Grand Central Parkway.

The property stands less than a mile from New York LaGuardia Airport Marriott at 102-05 Ditmars Boulevard. In January, the 443-key hotel was sold for $86.6 million, and the adjacent 1.5-acre development site — which could hold a 750,000-square-foot project — was sold for $17 million, according to property records.

The buyer of both the hotel and the development site was California-based private equity firm ASAP Holdings. The company’s CEO Frank Yuan told The Real Deal that he plans to build housing and a community center on the development site.

The Heyman property made news in June when the owner won a years-long tax certiorari against the city, reducing the property’s assessed value by 85 percent from the fiscal years 2014-2015 through 2018-2019. The average assessed value in those four years was $24.2 million but was reduced to $3.6 million as a result of the lawsuit.





    Related Articles

    arrow_forward_ios
    From left: Standard International's Amar Lalvani and SIXTY Collective's Jason Pomeranc along with the SIXTY Soho Hotel (Getty, Facebook/SIXTY Soho)
    Standard buys Sixty Soho hotel for apparent post-Covid record price
    Standard buys Sixty Soho hotel for apparent post-Covid record price
    Blue Flag Partners' Jason Brown with 326 Front Street (LinkedIn, Getty, Greenporter Hotel)
    Investors buy North Fork’s Greenporter hotel
    Investors buy North Fork’s Greenporter hotel
    Kohler Interiors' Rachel Kohler with  21-05 51st Avenue (Loopnet, Getty)
    Tile retailer Ann Sacks inks 21K sf lease in Long Island City
    Tile retailer Ann Sacks inks 21K sf lease in Long Island City
    99 Washington Street (Google Maps, Getty)
    Distressed FiDi Holiday Inn greenlit for migrant shelter
    Distressed FiDi Holiday Inn greenlit for migrant shelter
    A photo illustration of Mohegan Sun's Ray Pineault and Soloviev Group's Stefan Soloviev (Getty, Soloviev Group, Mohegan Gaming & Entertainment)
    Soloviev partners with Mohegan on casino bid
    Soloviev partners with Mohegan on casino bid
    From left: Värde Partners’ IIfryn Carstairs and Hawkins Way Capital’s Ross Walker along with 525 Lexington (Getty, Värde Partners, Hawkins Way Capital, Google Maps)
    Hawkins Way, Värde buy defunct Marriott East Side hotel
    Hawkins Way, Värde buy defunct Marriott East Side hotel
    A photo illustration of 8 Spruce Street and 616 First Avenue (Getty, Google Maps)
    NYC multifamily sales boomed, but party could be over
    NYC multifamily sales boomed, but party could be over
    From left: Ace Hotel’s Brad Wilson and Omnia Group's David Paz along with 225 Bowery (Getty, Google Maps, Ace hotel, Omnia Group)
    Bowery micro-hotel files for bankruptcy
    Bowery micro-hotel files for bankruptcy
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...