Taconic Capital takes title to LIC hotel valued at $38.4M from Merchants Hospitality

Taconic Capital as former lender through the entity Z Hotel LIC Nominee LLC took control from Merchants Hospitality through the entity 1101-43 Ave Acquisition LLC the Z Hotel (HB) at 11-01 43rd Avenue in Long Island City, Queens, in a transaction valued at $38.4 million. This was the lender taking control of the fee.
The deal closed on May 11, 2021 and was recorded on May 27, 2021.
The property has 31,520 square feet of built space and 480 square feet of additional air rights for a total buildable of 32,000 square feet according to PincusCo analysis of city data. The transfer price per built square foot is $1,217 and the price per buildable square foot is $1,199 per the PincusCo analysis.
The owner bought the property on 15-Aug-18, for $32.2 million. Then Taconic in 2019 lent the owner $38 million.
The signatory for Merchants Hospitality was Abraham Merchant. The signatory for Taconic Capital was Peyton McNutt.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $140,900.
Abraham Merchant is the president of Merchants Hospitality.

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