Marcus and Millchap Sells 42,700 Square Foot Hotel Site To Alec Shtromandel – 38-04 11th Street, Long Island City
LONG ISLAND CITY, NY, July 29, 2015 –
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 38-04 11th Street, a 8,540-square foot warhouse located in Long Island City, N.Y., according to John Horowitz, vice president- regional manager of the firm’s Brooklyn office. The asset sold for $4,270,000 and has 42,700 buildable square feet for commercial or hotel use.
Jakub Nowak and Jonathan Eshaghian from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a developer, was also secured and represented by Nowak and Eshaghian.
“The sale of 38-04 11th Street at $100 per buildable square foot marks a price record for a commercially zoned redevelopment opportunity in the industrial section of northern Long Island City. The property’s buyer plans to redevelop the existing warehouse into a hotel,” says Nowak.
“The Queens Hotel market is strong and there are those who are remain bullish on building new hotels. The addition of the Roosevelt Island Tech Campus will further add to the growth of this corridor in Long Island City,” adds Eshaghian
Alec Shtromandel has been identified as the buyer, based on demolition permits already filed for the one-story warehouse. The warehouse was occupied by an auto body repaired shop and was delivered vacant. Shtromandel is building a 34 room Hotel at 489 Baltic Street in Brooklyn that he also purchased from Nowak of Marcus and Millichap last year. No plans yet have been filed or released for the Long Island City site.
QueensBeans will update the progress.