447 Union Avenue - La Quinta Inn & Suites

Williamsburg, Brooklyn, New York 11211

SUBMIT OFFERS

Listing ID Number

24867

Property Description

Cushman & Wakefield is pleased to present a brand-new, fully-built hotel located at 447 Union Avenue in Williamsburg, Brooklyn – less than 100 feet from the combined L & G Train Station.

The five-story hotel hosts 52 guest rooms furnished with Queen-size beds, flat screen TVs, and in-room desks and chairs. The property carries a 20-year franchise agreement with La Quinta and presents the opportunity to immediately capitalize on the neighborhood’s thriving hotel market with strong average daily rates (ADR) and high occupancy. Should an independent hotelier wish to re-brand the hotel, the franchise agreement may be canceled for a “liquidated damages” fee of $100,000 (franchise agreement is available upon request for independent verification).

Located on a desirable corner lot with tremendous visibility, the property can capture additional value by converting the basement and a portion of the first floor into a retail use in a market commanding rents up to $100 per square foot. Additionally, the elevator-accessible roof offers a fantastic opportunity to develop a food and beverage operation.

447 Union Avenue is surrounded by hotspots like Fette Sau, Williamsburg Cinemas, Union Pool, Lilia and Llama Inn among many others. The hotel also benefits from its close proximity to the L & G Train Station directly across the street, offering quick access to Manhattan, Bushwick, Long Island City, and Brooklyn Heights. The Brooklyn Queens Expressway brings vehicular traffic to the location from airports serving the New York Metropolitan Area.

447 Union presents a rare opportunity to acquire a brand new hotel in a premier Williamsburg location well poised to generate strong cash-flow and to realize long-term appreciation through continued ADR growth and improving underlying real estate value.

Overview

Building Type:Special Use
Location:Williamsburg, Brooklyn
Stories:5
Units:52 Keys
Zoning:M1-2 / R6A
Building Sq Ft:14,219

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Brendan Maddigan
Executive Managing Director
(718) 307 6507
brendan.maddigan@cushwake.com

Mark L. Lively
Director
(718) 307 6524
mark.lively@cushwake.com

Ethan Stanton
Associate Director
(718) 307 6553
ethan.stanton@cushwake.com

Michael Gigante
Senior Associate
(718) 307 6555
michael.gigante@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.