LIC Holiday Inn sells for $22M after listing at almost $60M
136-key hotel is located at 39-05 29th Street
UPDATED, 5:59 p.m., Jan. 13: After listing in June for a lofty $59 million, Long Island City’s Holiday Inn Manhattan View hotel has traded hands for $21.9 million, or just over one third of its asking price, according to property records filed with the city today.
U.S. Realty Advisors purchased the 136-key hotel at 39-05 29th Street From Developer Queens Plaza North, which opened the 13-story hotel in 2009.
An Eastern Consolidated team of Adelaide Polsinelli, Gary Meese, Marion Jones and Jason Marin brought the property to market in June. As of August, however, they no longer had the listing, and a source familiar with the deal said that the low sales price could simply be one partner buying out the other following a dispute.
The building boom of the past eight years has seen 6,100 new rental units open up in Long Island City, and there are currently 19,700 rental units under construction.
Queens Plaza North acquired the property in 2005 for $2.5 million and initially planned a luxury hotel project, but switched gears during the financial crisis and opted for a 10-year franchise agreement with Holiday Inn instead.
The hotel normally operates at about 86 percent capacity, and includes a ground-floor restaurant.