Saturday, January 26, 2019

Hotel that was converted into a homeless shelter is sold for 36.5 million dollars.

Commercial Observer

 A hotel-turned-homeless shelter in the tiny Blissville section of Long Island City, Queens, sold to a Brooklyn-based developer for $36.5 million, property records show.

Shulem Herman bought the Fairfield Inn at 52-34 Van Dam Street between Starr Avenue and 34th Street from the family-run Lam Group in a deal that closed on Nov. 16, according to property records made public in November.

Lam and Herman did not immediately respond to requests for comments on the sale and it wasn’t clear who brokered the deal. Herman financed the deal with a $23.2 million mortgage from Sterling National Bank.
It was also unclear in property records when exactly the Lam Group bought 52-34 Van Dam Street, but the company and Sing May Realty first took out a $12 million mortgage on the property in 2006. Sing May Realty picked up the property for $2.3 million a year before. Sing May transferred the property to the Lam Group in 2012, property records show.

The 12-story hotel began housing up to 154 homeless families in March as part of Mayor Bill de Blasio’s Turning the Tide plan to fight back against the city’s rising homeless rates, The LIC Post reported.
The property is also a block away from 52-02 Van Dam Street where developer Sam Chang plans to build a 14-story hotel with 282 rooms, The Real Deal reported.

 This story is a few months old, but this bares repeating. Developers are capitalizing on the homeless crisis and the fauxgressive Mayor is allowing it to happen. This is the real affordable housing plan.


Anonymous said...

Democrats' plan to reduce poverty and homelessness includes the importation of ever-increasing numbers of poor immigrants, both legal and illegal.

Anonymous said...

nyc gov't paying triple the market rate for homeless to stay in hotels, talk about Money in the wrong hands!!!!!!

JQ LLC said...

Wrong hands, nice!

And that's exactly right. It's about keeping the overvalued rental market rate solvent.

TommyR said...

Wonder how much that Quinta in Sunnyside is going to eventually go for.

TommyR said...

Wonder when that Quinta on the blvd in Sunnyside will go.

Check this out, I'll also email to it JQ if it may be of interest:

Lottery Opens for 23 ‘Affordable’ Units in New Queens Boulevard Development, Start at $1,890 a Month

^That's for the new 9 story J&J Tower at 46-02 70th St in Woodside.

Before (September 2015) & After (November 2017)

As I said in another post a few months back, it's just not feasible, realistic, reasonable or clear-eyed to think that any structure below two stories can continue to exist anywhere directly adjacent Queens boulevard anymore. Should we expect any one story homes to sit along Fifth Avenue? Even if we weren't in a post-recession (re)-construction boom, that's just not how progress would halt, absent some legislated freeze from a strongly lobbied down-zoning act on such a major thoroughfare.

Fun fact: Mayor Bloomie last did this for swaths of South-eastern Queens' West Indian homeowners, thank god. But even with that act of preservation, it had to be counterbalanced by allowing the major roads to go up (Hillside, Jamaica, etc).

People like that Sendek lady (vs Macy's) belonged to a time and place of much greater transition, when you could make the argument that enough of an old area remained for it to be preserved hodgepodge and piecemeal where you had hold-outs who could pass their parcels on within the family. Even then her descendants didn't and it was eventually sold anyway.

But now? Look at that lonely house across from the new Tower. It's going to go - and it's a matter of when, not if. Whomever owns it will be made rich, and the area won't suffer much. Just like the owners of Georgia diner sold out and moved on. The space eventually makes sense for something else - and that something else is usually much larger. Same story as when the Queens Center Mall replaced that odd carnival/fair thing, same as when Cord Meyer turned low-rise 'Whitespot' into mega-rise Forest Hills.

I live in a little house just a few blocks up from the boulevard. In my view, I'd rather have the new towers sit on the boulevard than thread their way up the side-streets -- eventually, maybe they will, but having towers going up first on the boulevard delays that upzoning far longer than any construction absent there entirely would prevent. Something to think about. The City and outer boroughs have always grown and's up to each community to figure out how much effort they're going to put into managing, halting and allowing it as best they can.

Anonymous said...

I live here at the shelter and it's a lot of good people here who makes it bad is the staff and they give us a hard time we don't have a refrigerator or microwave the three meals they give us it's trash and we not allowed to take anything to our rooms and to top it off we don't have access to the Internet so if we that want to search for jobs or school we can't and that's one of the requirements for being in a shelter