39-05 29th St | Long Island City, NY 11101
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- LoopNet Team
39-05 29th St
Long Island City, NY 11101
Hospitality Property For Sale
·
63,839 SF
INVESTMENT HIGHLIGHTS
- $21MM non-performing loan (NPL) collateralized by the leasehold interest in the former 136-room Holiday Inn Long Island City-Manhattan View in NYC.
- The current unpaid principal balance is $18.72MM as of March 1, 2023.
- Foreclosure complaint has been filed in April 2022.
- The note was originated Dec 30, 2014 to refinance an existing loan with an initial maturity date of Jan 6, 2020.
- Loan was transferred to special servicing Feb 14, 2020 due to a maturity default.
- Receivership was appointed in August 2022 and a motion for summary judgement was granted Feb 2023.
LOAN DETAILS
Loan Status
Lien Position
Outstanding Balance
Original Balance
Origination Date
Maturity Date
Loan Status
Lien Position
Outstanding Balance
Original Balance
Origination Date
Maturity Date
Original Term
Remaining Term
Interest Rate
Rate Type
Non-Recourse
Cross-Collateralized
Maturity Default
First
$18,720,000
$21,000,000
12/30/2014
1/6/2020
Maturity Default
First
$18,720,000
$21,000,000
12/30/2014
1/6/2020
1 Months
-72 Months
5.25%
Fixed
No
Yes
Original Term
Remaining Term
Interest Rate
Rate Type
Non-Recourse
Cross-Collateralized
1 Months
-72 Months
5.25%
Fixed
No
Yes
PROPERTY FACTS
| Sale Condition | Auction Sale | No. Stories | 17 |
| Type of Ownership | Fee Simple | Year Built | 2007 |
| Property Type | Hospitality | Tenancy | Single |
| Property Subtype | Hotel | Parking Ratio | 0.27/1,000 SF |
| Building Class | B | Corridor | Interior |
| Lot Size | 0.29 AC | APN / Parcel ID | 00399-0017 |
| Building Size | 63,839 SF | ||
| Zoning | M1-3; R5D - Light industrial with offices, hotels, and most retail uses permitted, Medium density district with a height limit of 40 feet | ||
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 0.29 AC |
| Building Size | 63,839 SF |
| No. Stories | 17 |
| Year Built | 2007 |
| Tenancy | Single |
| Parking Ratio | 0.27/1,000 SF |
| Corridor | Interior |
| APN / Parcel ID | 00399-0017 |
| Zoning | M1-3; R5D - Light industrial with offices, hotels, and most retail uses permitted, Medium density district with a height limit of 40 feet |
AMENITIES
- Business Center
- Fitness Center
- Restaurant
- On-Site Bar
- Meeting Event Space
- Public Access Wifi
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