Ketan Patel pays $18.1M for hotel in Long Island City

Ketan Patel and Prakashkumar Patel through the entity Crescent Hotel Realty LLC paid $18.1 million to Young Jun Ahn, Daniel Chung Sung Ahn, Kwi-Won Y. Ahn, and Ike Ahn through the entity Dan’s Global Hotels, LLC for the hotel building (H3) at 42-24 Crescent Street in Long Island City, Queens.
The deal closed on February 8, 2024 and was recorded on February 21, 2024. The property has 31,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $575 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on January 3, 2008, for $20.5 million. The signatory for Young Jun Ahn, Daniel Chung Sung Ahn, Kwi-Won Y. Ahn, and Ike Ahn was Young Jun Ahn. The signatory for Ketan Patel and Prakashkumar Patel was Ketan Patel. The contract date was December 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ketan Patel had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Young Jun Ahn had not purchased any other properties and had not sold any properties over the same time period.

The property

The hotel building in Long Island City has 31,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 100 feet deep with a total lot size of 4,500 square feet. The zoning is M1-5/R7-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $7.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,000 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has the 8th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Long Island City is the 5th most active neighborhood among other neighborhoods. It had 7.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 116,406 square feet of the 147,906 square feet. The two identified owners are The Independent Lic Owners Corp. and Ampiera Group.
On the tax block, there was one new building construction project filed totaling 91,064 square feet. It is a 91,064 square-foot business (B) building submitted by Roy Kirsh with plans filed July 16, 2014 and it has not been permitted yet.

The majority, or 50 percent of the 147,906 square feet of built space are specialty buildings, with elevator buildings next occupying 29 percent of the space.

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