Acquisitions
Abraham Merchant pays $43M for the Z NYC Hotel
Published on
Henry Zilberman is the seller
Abraham Merchant has acquired the Z NYC Hotel at 11-01 43rd Avenue from the estate of Henry Zilberman for $43 million, according to the NYPost. The 100-key hotel is located in Long Island City.
Worth Noting: The deal includes additional land behind the property, which allows the developer to build a residential property with 109 apartments. Merchant is expected to convert the garage at the base of the hotel into a large retail space.
Retail: Asking rent on the retail space is $39 per foot. There will be 16,000 SF on the ground-floor, and and 9,300 SF below grade on the lower level.
