Long Island City Hotel Trades for $18M
By Rebecca Baird-Remba February 21, 2024 4:35 pm
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A limited-service hotel near Queensboro Plaza in Long Island City, Queens, has traded hands at a loss, according to city records made public Wednesday.
Dan’s Global Hotels, a limited liability company (LLC) based in Alpine, N.J., sold the seven-story, 73-room hotel at 42-24 Crescent Street to Ketan Patel of Crescent Hotel Realty, based in Ardsley, N.Y, for $18.1 million. That’s less than the $20.5 million Dan’s Global Hotels bought it for in 2008, property records show.
The 31,500-square-foot property was most recently a Red Lion Inn & Suites and was developed by prolific hotelier Sam Chang 20 years ago, according to Google Street View and various travel booking platforms. It now appears on booking sites as Crescent Hotel.
The property is at the corner of Crescent Street and 42nd Road, a block from the Queensboro Plaza subway station. The hotel does appear to be struggling somewhat, with Google and Yelp reviews from the last few months mentioning bedbugs and a lack of heat.
Patel is also listed in public records as the owner of Revere Hotel Realty LLC, which co-owns a 104-room airport hotel in Revere, Mass., near Boston Logan Airport.
Neither the buyer nor the seller could be reached for comment on the deal, and it wasn’t clear if brokers were involved.
Chang developed the building in 2004, according to city building permits, before selling it to Brix Hospitality LLC for $10.5 million in 2006. Brix then turned around and sold it to the most recent owner for $20.5 million in 2008.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
