Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell Hotels In Chelsea And Long Island City

02/24/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell theFour Points Sheraton Chelsea Hotel in Manhattan and the Marriott Fairfield Inn Van Dam Hotel in Long Island City, Queens.  The properties are being offered for sale individually.

The Four Points Sheraton Chelsea Hotel is located at 158-162 West 25th Street between Avenue of the Americas and Seventh Avenue in Manhattan’s Chelsea neighborhood.  It contains approximately 55,916 square feet and sits on a 55’ x 98.75’ lot.  Built in 2001 and opened in 2003, this select-service, 21-story hotel contains 158 guestrooms featuring sweeping New York City skyline views and can be delivered unencumbered.  The hotel offers a fitness center, executive board room and a popular ground floor restaurant off the lobby called Westside Brewhouse, which also operates the outdoor bar and patio.  This is an exceptional opportunity to own and operate a recently renovated select-service hotel branded as a Four Points by Sheraton, within the Starwood family of brands.  The hotel enjoys an established presence in Chelsea, arguably one of the most sought after locations for hotels in Manhattan given the incredible growth it has been experiencing over the past several years, and the proximity of the neighborhood to desirable areas such as Times Square, the Highline, Flatiron District, and Hudson Yards.  This property is being marketed exclusively by Massey Knakal’s Andrew Posil, John F. Ciraulo, Craig M. Waggner, and Brock Emmetsberger. Ownership is requesting offers.

The Marriott Fairfield Inn Van Dam Hotel is located at 52-34 Van Dam Street at the intersection of 34th Street, Van Dam Street, Starr Avenue, and Bradley Avenue in the Long Island City neighborhood of Queens.  It contains approximately 67,223 square feet and sits on a 163.7’ x 84.72’ irregular lot.  Built in 2007, this select-service 12-story hotel contains 154 rooms featuring majestic views of the Manhattan skyline and can be delivered unencumbered.  The hotel also features an exercise room, executive meeting room, on-site parking, whirlpool tubs, an outdoor patio, an inviting lobby, and free shuttle service to nearby LaGuardia Airport and to the subway for convenient transportation to Manhattan.  This is an exceptional opportunity to own and operate a select-service hotel branded as a Fairfield Inn, by Marriott.  The hotel enjoys an established presence in Long Island City, within minutes to Midtown Manhattan.  This property is being marketed exclusively by Massey Knakal’s Andrew Posil, John F. Ciraulo, Craig M. Waggner, and Evan Daniel. Ownership is requesting offers.

“The Four Points Sheraton Chelsea Hotel presents the opportunity to acquire an asset with an undeniably strong performance track record, great flexibility and significant sub-market upside,” said Massey Knakal’s Andrew Posil.  “The Marriott Fairfield Inn Van Dam Hotel is an outstanding performer consistently exhibiting high occupancy levels due to its quality, location and affordability it offers guests,” he continued.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

02/24/2014 - 13:00

Source

Cushman & Wakefield Capital Markets Group New York

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