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