NEW YORK CITY-A seven-story hotel on a heavily trafficked thoroughfare between LaGuardia and JFK Airports is on the sales block. Massey Knakal Realty Services has been exclusively retained for the disposition of the Pan American Hotel at 79-00 Queens Blvd., a 216-key, 86,500-square-foot building in Elmhurst.
Thomas Donovan, a partner at Massey Knakal who represents Queens and Long Island, tells GlobeSt.com that the hotel is currently owned by a private owner/operator who is exploring “other business ventures” and is seeking new buyers for the site. The property encompasses an entire city block and features 560 feet of frontage on Queens Boulevard, which could provide opportunities for ground-floor retail opportunities in a high-visibility area, he explains.
“It is 10 minutes from the 59th Street Bridge,” Donovan says, noting that the E, M, and R trains are also in close proximity to the hotel, as well as several major highways. “It is very centrally-located highway-wise, and there’s on-site parking so people could have a car without the heavy cost of parking in a Manhattan hotel.”
In addition to the existing hotel, the property features 165,275 square feet of additional development potential, which could be used for new multifamily construction or more hotel units. “It basically takes up the whole city block,” Donovan says. “There’s a lot of land area and a lot of development capabilities, either to add on as commercial, residential or hotel.”
The property also could be delivered vacant, depending on the redevelopment plan from the buyer. “If it was repositioned or flagged with a booking system, it would add to the attractiveness of the property,” he says. “It is a good, affordable place for people to stay,” noting that room rates currently vary from the low $100s to the high $140s a night.
Donovan is marketing the property along with directors of sales Tommy Lin and Eugene Kim.
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