Brooklyn investor Shulem Herman has gone to Queens for his latest purchase.
Herman has purchased a homeless shelter in Long Island City from Lam Group for $36.5 million, according to property records. He took out a roughly $23.2 million mortgage for the purchase from Sterling National Bank.
The 154-room building used to be a Fairfield Inn hotel and is located at 52-34 Van Dam Street.
Who knew owning a homeless shelter could be so lucrative? Actually, that's been apparent for years, so we'll end sarcasm right here.
From The Real Deal:
Another day, another Long Island City hotel from Sam Chang.
The developer filed permits with the city’s Department of Buildings on Monday for a 14-story hotel with 282 rooms. The project at 52-02 Van Dam Street would span about 82,000 square feet and replace a pair of industrial buildings.
This is the latest of many hotels Chang’s McSam Hotel Group is planning for the neighborhood. The company is also building a 324-key hotel nearby at 38-39 9th Street and a 142-key hotel at 38-04 11th Street.
Wow, it's certain that tourists will flock to a hotel that is hard to get to and sits amidst 3 homeless shelters. Unless there is some kind of hidden plan here. Hmm, what could McSam be up to? End sarcasm again.
You know, this neighborhood had so much potential. Instead the city is turning it into a slum. Well, this guy thinks it's great for some reason but everyone else sees the forest through the trees.
6 comments:
I should go build a homel....er I mean hotel. It seems to be great business and I can sell my crappy knives and other assorted crapy kitchen products at the front desk!
Homelessness as well as poverty and destitution has become franchised. Amazon coming here has made this happen, these hoteliers know homelessness is going to rise and looking at profits that will be fueled by the city's largesse.
This is full-on scandal. This is also the real affordable housing plan. What's more affordable than living for free despite the curfews, lack of independence and essential appliances and free space. And what better way to diminish communities and constituencies than by inducing a transient populace moving from town to town. From shelters to being unable to make the rent and moving to another "hip" area
Say goodbye to Blissville.
The city is only ruining it for the citizens of Blissville. By turning it into opportunity zones for the hotelier and real estate developer predators.
https://ny.curbed.com/2018/11/16/18095578/amazon-hq2-new-york-opportunity-zones-long-island-city
Thank the President for this one.
https://www.cnbc.com/2018/10/19/trump-opportunity-zones-popular-with-investors-but-might-offer-less-for-voters.html
That hipshit from Napster who helped destroy music is down with this.
https://www.forbes.com/sites/forbesdigitalcovers/2018/07/17/an-unlikely-group-of-billionaires-and-politicians-has-created-the-most-unbelievable-tax-break-ever/#30d16c461485
Even in Tennessee, where amazon has "awarded" their hq4.5
https://www.timesfreepress.com/news/business/aroundregion/story/2018/nov/27/tennessee-prepares-use-tax-breaks-aid-opportu/483913/
No opportunity and future for me and you.
As usual you fail to miss the real reasons
Your elected officials are complete d*cks and will sell anyone down stream for a few bucks.
And the public are even bigger d*cks for letting those no accounts push them around. Believe me, if you got really active with 'in their face politics' those bums in politics would cut and run in a moment in stead of always finding an excuse to be tread on.
For those of you who still cling to "muh real progressive liberalism" I have an answer
here if you're up for it unless you're sperging out on the late 19th early 20th century populist definition then realize it ain't your granpa's progressivism anymore and Teddy Roosevelt, Jacob Riis, et al are dead and we've all moved on.
I address other related matters here.
Have fun or have at it or just keep drinking the kool aid.
Don Cavaioli
Marriot are slobs, despite the insane rates been farming out there database to a 3rd party since 2014 and have now exposed 500 million guests mailing address, phone numbers, email address, passport numbers, date of birth, gender, arrival and departure information, reservation date, Payment information, credit card numbers and communication preferences.
Its NEAR $400+ a night rates, +20% NYC hotel tax atop bullshit like this that drives people to go with AIR-bnb cash or PayPal.
https://www.cnbc.com/2018/11/30/marriott-says-its-starwood-database-was-breached-onapproximately-500-million-guests-.html
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