McSam Hotel Group obtained financing of $8M from Sterling National Bank

McSam Hotel Group through the entity Hkoq LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $7.9 million for 1 parcel, including the tax class miscellaneous manufacturing building (F9) at 38-04 11 Street in Long Island City. The deal closed on March 28, 2019 and was recorded on July 24, 2019.
The property contains a total of 52,294 square feet of built space.
The average loan per buildable square foot is $151.
The last time the property sold was December 28, 2017, for $7,800,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel.There has been one new building permit application totaling 53,606 square feet. Those plans include a total of 181 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link