Hotel boom in Long Island City in full swing, Pan American Hotel near La Guardia for sale too

Pan American Hotel

With more than 15 hotels opened since 2006, hotel developers have certainly placed their bet in LIC. Less expensive than Manhattan, good transportation, views of Manhattan skyline, etc.. etc.. we know the list. DNAInfo covered the topic last May, saying “A surge in construction over the past several years has brought both budget-friendly and upscale lodgings to Long Island City with several more on the way, enticing tourists and businessmen alike with their proximity to Manhattan, comparatively lower prices and stunning skyline views.”

Last week the Associated Press got in to the fray too, writing Queens Hotel Boom Brings NYC Tourists Across The River, a piece that was syndicated across national news players like WSJ, ABC News, Yahoo and many more.

With all this activity, The Pam American Hotel (GMAP) in operation for more than 30 years in Elmhurst Queens, is trying its luck too. The hotel is listed for sale by Massey Knakal for $24.25M and is also as part of a larger assemblage that includes the entire block for $40.35M.

From the Massey Knakal listing,

The assemblage consists of a seven story, approx. 86,500 Sq. Ft., 216 room hotel building with ground floor retail and amenity space plus garage buildings totaling approx. 10,450 Sq. Ft. situated on seven contiguous lots totaling approx. 77,125 Sq. Ft. This assemblage is located on the entire blockfront on the south side of Queens Boulevard between 51st Avenue and Hillyer Street in Elmhurst, Queens. The assemblage encompasses almost an entire city block and enjoys tremendous exposure.

Queens Boulevard is the largest major thoroughfare in Queens that runs from Jamaica all the way to the 59th Street Bridge, which connects the Borough to Manhattan. It provides easy access to the Long Island Expressway, Brooklyn Queens Expressway, Van Wyck Expressway and the Grand Central Parkway.

The assemblage is located just 15 minutes to Manhattan, LaGuardia Airport and John F. Kennedy Airport. Additionally, the property benefits from its’ location within blocks of the M and R subway lines at the Grand Ave Newtown and Elmhurst Ave subway stations.

We’ll keep an eye on this one too.