LIC Hotel Site Sells for $5 Million

The sale of the lot at 41-32 27th Street, between Queens Plaza North and 41st Avenue, just hit public records. The sellers, T Hotel Property Management LLC, originally planned to build a 14-story, 65-unit hotel here. They announced their plans late last year after purchasing the parcel in October. Turns out they could make a pretty hefty profit on the land just by sitting on it. They bought the 4,278-square-foot lot for $3,500,000, then sold it for $5,000,000 less than a year later.

No word on what’s to come for the site under new ownership. The Department of Buildings disapproved plans for the hotel this April.

Yet Another Hotel Planned for LIC [Q’Stoner] GMAP