Besen Partners Hotel Advisory Group, as an agent for Ownership, is pleased to offer for sale 38-30 28th Street (the “Property”). Constructed in 2019-2020, this extended-stay hotel is comprised of 16 fully furnished suites/apartments, with 9 studio-style units, and 7 one-bedrooms, each with a kitchenette, hard wood floors and outdoor spaces, either as terraces or larger patios. It is an elevator building with sweeping views of Manhattan and the East River, conveniently located in the heart of Long Island City. The property has an indoor garage and on-site parking for two cars with curb cut.
The property is ideally designed for the expanding market of extended-stay opportunities in the hospitality industry. The demand is coming from a variety of groups; workers who are in town for long-term projects or training, as well as students for short-term learning opportunities, or healthcare workers relocating to meet demand, to name a few. As demand increases for facilities where guests planning a longer-than-usual hotel stay (anywhere from four days to four months), this property’s style, location and amenities will be an excellent fit.
There is an array of transportation access, including close proximity to the Brooklyn-Queens Expressway (I-78), LaGuardia Airport (only 3 miles away), public transit including Grand Central Station, and ferry access at the beautiful Long Island City waterfront. The property is one subway stop from Manhattan and a short cab ride to midtown Manhattan or Brooklyn.
The property was approved for a 25-year ICAP Tax Abatement.*
*ICAP Tax Abatements
There are numerous tax exemption and tax abatement programs available to property owners who construct new buildings or make alterations to existing buildings within the City of New York. For owners of nonresidential buildings, the Industrial Commercial Abatement Program (ICAP) is available. Provided there is an increase in the real estate taxes of at least 15%, ICAP provides a substantial tax savings where a building is altered or constructed in the City of New York. There are strict timing requirements and a preliminary application for ICAP benefits must be filed with the New York City Department of Finance prior to commencement of construction and prior to obtaining a construction permit from the New York City Department of Buildings. A final application for ICAP benefits must be filed within one year from the date a permit is issued.