Queens Plaza North LLC has put the leasehold interest in Holiday Inn Manhattan View in Long Island City, Queens on the market. There are 96 years remaining on the lease, as per the the HFF marketing materials; the owner of the ground lease is U.S. Realty Advisors.
The 16-story, 136-key hotel at 39-05 29th Street, which is at the corner of 39th Avenue and 29th Street, was built in 2008. It is a full-service lodging property, home to Juquila Bar & Lounge, and is two stops away from Manhattan on the W train. It includes a fitness center, a 900-square-foot meeting space and 23 parking spots.
HFF’s Daniel Peek and KC Patel are listing the 63,839-square-foot property. They didn’t respond to inquiries.
When asked about a potential sales price, one hotel source emailed: “If the land was owned, it would trade at $275,000 to $325,000 per key. Probably $25,000 per key less as a leasehold. Of course, its financial performance would be the most important factor.” At $25,000 less per key, the hotel would trade for between $34 million and $40.8 million.
U.S. Realty Advisors acquired the property for $22.4 million in December 2014, according to city property records.
Update: This story was corrected to reflect the fact that Queens Plaza North LLC had put the leasehold interest on the market, not U.S. Realty Advisors, which owns the ground the property is on.