Affordable Housing, Retail Planned for Land Near LaGuardia’s Marriott Hotel
By Isabelle Durso November 7, 2024 5:16 pm
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The New York LaGuardia Airport Marriott in East Elmhurst, Queens, may be getting some new neighbors.
Private equity firm ASAP International Holdings recently filed plans through the entity LGA East Elmhurst to build residential and mixed-use buildings on vacant land near the hotel at 102-05 Ditmars Boulevard, according to a filing with the New York City Department of Buildings.
Marriott’s Ken Wong is listed as the owner of the site, records show. Spokespeople for Marriott and ASAP Holdings did not immediately respond to requests for comment. The New York Business Journal first reported the news.
Overall, the project calls for two developments totaling 437 residential units — 131 of which would qualify as affordable — as well as 126,000 square feet of open space and 23,000 square feet of retail, the Business Journal reported.
The first development is to be a 14-story, 375,000-square-foot mixed-use building located near the existing 443-key Marriott hotel, according to the outlet. The roughly 227,000-square-foot Marriott would remain on the site.
Meanwhile, an 86,000-square-foot senior living building planned for the property will include 98 affordable units and 16,000 square feet of community space on the first and second floors dedicated to Queens-based nonprofit Elmcor Youth & Adult Activities, the Business Journal reported.
ASAP International Holdings bought the Marriott property and an adjacent vacant lot from Rubicon Holdings in February 2021 for $103.5 million, PincusCo reported. Earlier this year, ASAP entered into a $139.6 million loan on the property with servicer Trimont, according to the Business Journal.
ASAP also owns the 216-key Hampton Inn near John F. Kennedy International Airport, according to its website.
The plans for the area around the Marriott are the latest effort to build more affordable housing in Queens. In August, nonprofit Urban Homestead Assistance Board and partner Workforce Housing Group secured $39 million to refinance five affordable housing buildings in Far Rockaway, as Commercial Observer previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
