Moinian takes control of Holiday Inn-operated hotel near LaGuardia Airport

The Moinian Group through the entity 37-10 114th Street Ml Funding LLC acquired control of the 217-room Holiday Inn LaGuardia Airport hotel by taking control of the mezzanine position valued at $26.6 million from Sunamerica Realty Group through the entity Chatus Mezz (De) LLC for the hotel building at 37-10 114th Street in North Corona, Queens.
The transfer closed on September 29, 2021 and was recorded on February 23, 2022.
The property has 118,300 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $224 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 August 11, 2016, for $37.6 million.

Moinian Group took control of the property that was subject to a suit seeking to collect on guarantor obligations. Sunamerica Realty Group is located at the same address as seller LLC.
In North Corona, the majority, or 53 percent of the 12.7 million square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 12 percent of the space. In sales, North Corona has the 33rd highest sale turnover among other neighborhoods in Queens with $26.3 million in sales volume in the last two years. For development, North Corona has had very little major development activity relative to other neighborhoods.It had 364,997 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 51 percent of the 232,813 square feet of built space are hotel buildings, with residential walkup buildings next occupying 27 percent of the space.
The former owners according to the Department of Housing Preservation and Development includes Aiyun Chen, head officer and Brandon Ward, agent. The business entities were Samcom 48 De Llc and Samcom 48 De Llc.

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