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.