The Moinian Group, which bills itself as one of the largest privately held real estate investment companies in the world, has sold a property near New York’s LaGuardia Airport in Queens for $50 million.
The 106,920-square-foot property includes an existing 217-key hotel and 80,608 buildable square feet of adjacent land with approved plans in place for a residential development, brokerage firm Ripco, which represented Moinian, said Wednesday in a statement, adding that Moinian required a buyer to acquire both sites.
Investment firm Bayrock Capital and an entity tied to it bought the property last week. Moinian had acquired the property for nearly $37.4 million in 2016, according to CoStar records.
The property is also nearby Mets’ Citi Field Stadium and the proposed site for New York’s first professional soccer-specific stadium as part of a megadevelopment.
“As we continue to be extremely active around the New York City airports, this opportunity gave the buyer a rare scale near LaGuardia Airport,” Stephen Preuss, Ripco’s vice chairman of investment sales, said in the statement. The sale, which closed at the Moinian Group’s full asking price, “shows the continued strength of quality assets of size in the outer boroughs.”
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Preuss, along with Ripco’s Kevin Louie, brokered the sale on behalf of the seller.