38-65 11th Street, Long Island City, NY 11101

Long Island City, Long Island City, New York 11101

Available for Sale or 'NNN' Lease Please Inquire for Pricing

Listing ID Number

24739

Property Description

Cushman & Wakefield has been retained on an exclusive basis to market 38-65 11th Street, a fully-approved hotel devel-opment site available for long-term ‘NNN’ lease or out-right sale. The developers can sign a lease and deliver a fully
‘turn-key’ hotel to the prospective tenant as per the approved plans with an estimated completion date of October 2018, or sign a sale contract and close upon construction completion.

The approved plans allow for an 15-story hotel mixed-use building with a full cellar and on-site parking for up to 73 cars. The hotel will include 180 rooms (170 queen, 10 ADA), a fitness room, restaurant, meeting rooms, and roof terrace. The commercial space will include 16 medical office units. The developers can also assist in arranging a flag if needed.

Long Island City is experiencing a tremendous increase in hotel development over the past few years. The influx of residents in the area and increasing tourism in NYC has been excessively supporting the Long Island City hotel market. This site is located one-quarter of a mile from the 21st Street-Queensbridge/41st Avenue F subway line. It is situated one-mile from Court Square and just a half-mile from Queens Plaza. Long Island City offers convenience, accessibility to transportation, and affordability making it a very attractive neighborhood for hotel development.

Please inquire within for the full building plans and rendering.

Overview

Building Type:Development/Conversion Sites
Block/Lot:473/553
Lot Dimensions:125' x 97.72'
Irr
Lot Sq Ft:11,459
approx.
Stories:15 + Lower Level
Per approved plans
Zoning:M1-3

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Stephen R. Preuss
Senior Managing Director
(718) 512 2118
stephen.preuss@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.