The Real Deal:
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.