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EXCLUSIVE OFFERING MEMORANDUM
Best Western & Wingate by Wyndham Properties10-21 & 10-25 BEACH 21ST STREET, FAR ROCKAWAY, NY 1169153,868± SF | TWO HOTELS | 146 KEYS/ROOMS | PARKING
BESEN PARTNERS
Ron Cohen Chief Sales Officer Hotel Advisory Group (646) 424-5317 [email protected]
Anudeep Gosal Investment Sales Hotel Advisory Group (646) 604-7020 [email protected]
For sale inquiries contact exclusive listing brokers:
Paul J. NigidoManaging DirectorFinancial Analysis(646) [email protected]
Matthew SlonimChief Operating OfficerCapital Markets(212) [email protected]
For financing inquiries:
FAR ROCKAWAY BWW PORTFOLIO | 3BESEN PARTNERS
Executive Summary
Besen Partners Hotel Advisory Group, as exclusive agent for ownership, is pleased to offer for sale two (2) newly constructed limited service hotels in the Far Rockaway section of Queens. The two semi-attached properties are comprised of 146 rooms and are located just 6 miles from JFK International Airport. The property is situated in the heart area recently selected to be a $139 million project to renew and revitalize downtown Far Rockaway streets and infrastructure, and are moments away from the highly anticipated public spaces that are being redeveloped.
The hotels are presently operating under two management contracts with Best Western and Wingate by Wyndham. The terms of the agreements have an agreed upon end date and offer an exit option at a reasonable cost.
Ownership completed construction in 2018 and has recently opened both hotels for occupancy in September 2019. Within four months, the hotels are already showing occupancies of well over 50% with an average daily rate (ADR) above $110. Additionally, there is ample free parking, a business lounge, fitness center, free Wi-Fi and complimentary buffet breakfast.
This offering represents a unique opportunity to acquire two brand new hospitality assets with a very limited competitive set in a prime Queens location.
Price: $33,900,000 ($232,000/Key)
Best Western58 Keys | $13,450,000
Wingate by Wyndham88 Keys | $20,400,0000
4 | FAR ROCKAWAY BWW PORTFOLIO BESEN PARTNERS
NEIGHBORHOOD FAR ROCKAWAY
BLOCK | LOT 15705 | 81,84
BUILDING CLASS MISC HOTEL H9
TAX CLASS 4
LOT | BUILT SIZE 180’*140’ | 53’
BUILT AREA 53,868± SF
STORIES 5/3
LAYOUT 146 KEYS/INTERIOR CORRIDOR
ZONING C2-4, R6
FAR (Built/Allowed) 1.77/2.43
ASSESSMENT/TAXES (2020) $4,955,944/$522,208
Property Overview
ROOMS 88/58
FAR ROCKAWAY BWW PORTFOLIO | 5BESEN PARTNERS
Investment Highlights
• Two newly-constructed hotels: Best Western Hotel and Wingate by Wyndham Hotel
• 146 total keys/53,868 SF
• 6 miles from JFK International Airport
• 24-Hour Airport shuttle Service
• Meeting Rooms / Fitness Center with Gym / Business Center
• Complimentary Breakfast / Free Parking
• Industrial and Commercial Abatement Program (ICAP) – 25 Year Real Estate Tax Abatement
• Direct access to NYC: 2 blocks from the “A” Far Rockaway-Mott Avenue subway station
• Minutes from Far Rockaway train station, St.
• John’s Episcopal Hospital, Long Beach, Atlantic Beach, Inwood Country Club, Aqueduct Racetrack, Belmont Park, & Resorts
BESEN PARTNERS 6 | FAR ROCKAWAY BWW PORTFOLIO
BLOCK | LOT 15705 | 81
ROOMS 58
GROSS TOTAL SF 22,250
BESEN PARTNERS FAR ROCKAWAY BWW PORTFOLIO | 7
BLOCK | LOT 15705 | 84
ROOMS 88
GROSS TOTAL SF 31,617
8 | FAR ROCKAWAY BWW PORTFOLIO BESEN PARTNERS
Location Details
Best Western & Wingate by Wyndam
Areas
The Property
John F. Kennedy InternationalAirport
Far Rockaway - Mott Av
New York City PoliceDepartment - 101st Precinct
10-21 Beach 21st
JFK International
Airport
10-21 Beach 21st
10-21 Beach 21st
FAR ROCKAWAY BWW PORTFOLIO | 9BESEN PARTNERS
Area Reinvestment Plan
$139 Million Project to Renew and Revitalize Downtown Far Rockaway Streets and Infrastructure
(Far Rockaway, NY – September 18, 2019) Deputy Mayor Vicki Been and Council Member Donovan Richards joined with numerous City agencies and elected officials today to break ground on a $139 million project that will transform and revitalize Downtown Far Rockaway, bringing new streets with new pedestrian space, landscaping and green infrastructure plus improved stormwater drainage to an area of Queens that has not seen large infrastructure investments in decades.
Location of the Best Western and Wingate at Wyndham, 10-21 Beach 21st Street.
The rendering to the left depicts the new 15,000-square-foot pedestrian plaza that will be created spanning Beach 21st and Beach 22nd streets, moments away from the hotels.
10 | FAR ROCKAWAY BWW PORTFOLIO BESEN PARTNERS
Far Rockaway Neighborhood Plan
FAR ROCKAWAY BWW PORTFOLIO | 11BESEN PARTNERS
Ron Cohen Chief Sales Officer Hotel Advisory Group (646) 424-5317 [email protected]
Anudeep Gosal Investment Sales Hotel Advisory Group (646) 604-7020 [email protected]
For sale inquiries contact exclusive listing brokers:
Paul J. NigidoManaging DirectorFinancial Analysis(646) [email protected]
Matthew SlonimChief Operating OfficerCapital Markets(212) [email protected]
For financing inquiries:
