Health Care Exec Daryl Hagler Buys Teddy Li’s Long Island City Hotel Site for $63M
By Celia Young July 11, 2022 6:11 pm
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Health care executive Daryl Hagler snagged the under-construction hotel at 38-59 11th Street in Long Island City, Queens, for $63 million, according to property records made public Monday.
Developer Teddy Li, who sold the property to Hagler through the entity 559 Development, originally planned to build a 240-room, 24-story hotel at the site between 38th and 40th avenues, and nabbed $46 million in construction financing from Madison Realty Capital in 2019 to finish the project, Citybizlist reported. It’s unclear if those hotel plans are on hold, and a representative for Hagler did not immediately respond to a request for comment.
Hagler, who runs the senior care center operator Centers Health Care with business partner Kenny Rozenberg, owns a handful of properties around the city. Hagler recently bought a creative office building known as The Cigar Factory for $26.3 million from Bruce Brickman’s Brickman Associates, Commercial Observer reported. He also owns the nine-story senior care facility at 4915 10th Avenue in Borough Park, Brooklyn.
The planned hotel at 28-59 11th has not yet received its certificates of occupancy. Gene Kaufman Architect, the registered architect on the project, did not immediately respond to a request for comment.
A law firm representing 559 Development did not immediately respond to a request for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
