Taconic Capital Acquired Long Island City Hotel Site For $38.4 Million

Taconic Capital Advisors has acquired a former Long Island City, Queens, hotel building for $38.4 million, simply 3-years after Merchants Hospitality acquired the asset with plans to reposition it into a mixed-use expansion.

The Manhattan-based real estate financing firm grabbed the Queen’s property at 11-01 43rd Avenue from Merchants, which acquired the former Z NYC Hotel site for $32.3 million in 2018. 

Taconic provided Merchants with a $38 million recapitalization in late 2019. 

The 100-room Z NYC did first developed in 2011 by the estate of taxi tycoon Henry Zilberman, which died in 2014. Merchants initiated a $2.5 million repositioning of the property with plans to develop retail, a coworking place, and art galleries in it.

Merchants rented the building to short-term rental startup Sonder in January 2020

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