Daryl Hagler books $63M Long Island City hotel sale

His Centers Health Care acquires 38-59 11th Street for unopened Staybridge Suites

38-59 11th Street in Long Island City (Gene Kaufman Architect, iStock)
38-59 11th Street in Long Island City (Gene Kaufman Architect, iStock)

A hotel to become a Staybridge Suites in Long Island City now belongs to a nursing home operator who has been active in New York City dealmaking.

Centers Health Care’s Daryl Hagler bought the property at 38-59 11th Street where the unopened 240-key hotel stands for $63 million from an entity called 559 Development LLC, according to city records filed Monday.

Centers Health Care declined to comment. It wasn’t immediately clear who controls the entity that sold the property. The seller of 38-59 11th Street paid $6.2 million for the site in 2013, according to city property records.

The hotel was complete at the time of its sale, said Josh Zegen of Madison Realty Capital, which lent developer Teddy Li $46 million in 2019 to help finish the 183,000-square-foot hotel and community facility. Construction had begun in 2018.

It’s unclear when the 24-floor Staybridge Suites will open. IHG Hotels & Resorts, Staybridge’s parent company, did not comment by press time.

Sign Up for the undefined Newsletter

Read more

New York
Chetrit secures lifeline at Empire Hotel
Renderings of 159 Broadway in Williamsburg (Cornell Realty Management, Rosewood Realty Group, iStock)
New York
Williamsburg hotel project up for bankruptcy sale

Hagler has been involved in several deals across New York City in recent months. In May he purchased the nearby 100,000-square-foot former DeNobili cigar factory at 35-11 9th Street in Astoria and its 6,000-square-foot parking lot for $26.4 million from real estate investor Bruce Brickman.

Hagler also offered to provide Isaac Hager with $97 million to fund the latter’s efforts to pay off the debt on the Tillary Hotel in Downtown Brooklyn.

Hagler’s purchase of the forthcoming Staybridge Suites comes as New York City’s hotel industry recovers from the pandemic, albeit at a pace that is unlikely to see the sector reach pre-Covid levels before 2024.

The Hotel & Lodging Association and Kalibri Labs in April estimated hotels would generate $2 billion from business travel this year, down from $4.5 billion in 2019.