ASAP Holdings pays $103.5M to Rubicon Companies for hotel, land near LaGuardia
ASAP Holdings pays $103.5 million to Rubicon Companies for a hotel and an adjacent vacant lot in East Elmhurst near LaGuardia Airport, in two transactions.
In the first, ASAP Holdings through the entity Asap Ditmars LLC paid Rubicon Companies’s Kar Hotel Owner LLC $86.5 million for 102-05 Ditmars Boulevard in East Elmhurst. The deal closed on January 15, 2021 and was recorded on February 19, 2021. The transaction consists of 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3)The property is 261,267 square feet. The parcel(s) have total development potential of 261,267 square feet.
The average sale price per square foot is $331.
The contract date was December 14, 2020. Marc Gordon was the signatory. The signatory for ASAP was Jerome Yuan. Simultaneously with the sale, Marriott terminated its option to buy the property. It acquired the option in 2017. The last time the property sold was January 11, 2017 for $33,663,600. The brokers for the seller were JLL’s K.C. Patel, Kevin Davis and Nikhil Chuchra.
The owners obtained $55.375 million in financing from Bridge Investment Group’s Bridge Debt Solutions entity BDS III MORTGAGE CAPITAL J LLC.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $999,500.0. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $10,076,234.
Direct link to Acris document. link
In the second, ASAP Holdings through the entity Asap Lga East Elmhurst LLC paid Rubicon Companies’s Kar Hotel Owner LLC $17.0 million for N/A Ditmars Boulevard in East Elmhurst. The deal closed on January 15, 2021 and was recorded on February 19, 2021. The transaction consists of 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1).
Direct link to Acris document. link
The signatory for the buyer or lender was Jerome Yuan