Lightstone Adds Long Island City Hotel to Growing NYC Hospitality Portfolio
The acquisition of the Hilton Garden Inn in Long Island City was undertaken by a joint venture between Lightstone’s REIT II and REIT III.
NEW YORK CITY—Real estate investment and development firm Lightstone has acquired a 183-room Hilton Garden Inn in Long Island City, Queens for $60 million.
The New York City-based firm reports that the hotel, constructed in 2015, will for the immediate future continue operations as a Hilton Garden Inn. The property at 29-21 41st Ave. is located across from a number of large office developments and within walking distance from Queens Plaza. The acquisition of the Hilton Garden Inn in Long Island City was undertaken by a joint venture between Lightstone’s REIT II and REIT III.
Lightstone’s Long Island City portfolio also includes the 428-unit multi-family rental property, ARC, in the Dutch Kills section of Long Island City. Lightstone also developed the Gantry Park Landing, a luxury rental property, alongside the Long Island City waterfront, in 2011.
“We’re investing in growing our hospitality portfolio at all levels where we see value, and we see high potential in growing, transit accessible areas like Long Island City,” says Lightstone president Mitchell Hochberg. “The Hilton Garden Inn is situated not only in a convenient location just 10 minutes from Midtown Manhattan, but also in a thriving creative neighborhood packed with culture, bars, restaurants, and globally connected businesses. It’s become a destination all in its own.”
Most recently, Lightstone opened the 612-key Moxy Times Square hotel in the fall of 2017. A few weeks ago, Lightstone secured $91 million in financing with the Bank of the Ozarks to develop the 285-room Moxy Hotel at 112-120 E. 11th St. in the East Village in a partnership with Marriott. The micro hotel will be located south of Union Square across from Webster Hall.
Lightstone plans to develop six additional Moxy hotels nationally, including the 349-key Moxy Chelsea, a new construction project that recently topped out at 37 stories and plans to open this fall. Outside of New York City, Lightstone plans to develop additional Moxy properties in South Beach, Miami, as well as downtown Los Angeles and West Hollywood, CA.
National developer and investor Lightstone is active in 28 states and maintains a 176-property, $3-billion portfolio that includes more than 6 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 3,929 hotel keys. Lightstone also owns more than 12,000 land lots across the country.
The firm currently has approximately $2.3 billion under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.