New York's Anchor Inn sold for $16M

Anchor Inn in New York City

The Anchor Inn in New York City is now under new ownership.

The hotel, which is located in Bayside, a neighborhood in the borough of Queens, has been a fixture of the area for nearly 50 years. 215 Northern Property sold the hotel for approximately $15.9 million, though the buyer in the transaction has yet to be identified.

The Highcap Group's senior director, Charles Chang, acted as the broker in the deal. According to Chang, the hotel's new owner has a multitude of options available for expansion due to the property's location in C2-2/R6B zoning. If they opt to add an additional floor to the hotel, the hotel could gain 44 rooms, upping its count from 66 guestrooms to 110 and expanding its floor area to 40,000 square feet. However, Chang said that no plans exist to add extra parking to the building.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The two-story hotel was sold for $241,000 per room, and has 13,000 square feet of air right s and 200 feet of frontage. The hotel was last sold by Northern Motor Inn for $14.1 million in April 2016. The property is located west of the Cross Island Parkway and within walking distance of the Long Island Rail Road Bayside Station.

The hotel has a 24-hour business center and a fitness center, and offers free Wi-Fi. The property also arranges tours of nearby Manhattan through a tour operator. Other amenities include a complimentary breakfast, valet service, complimentary garage parking and a restaurant and lounge.

Suggested Articles

Ahead of the Israel Hotel Investment Summit, Christian Michel, VP of development for Wyndham Hotels & Resorts, talks about the value of brands.

Meliá Hotels International still expects to see a “moderately positive year end” after EBITDA drop, pulled down by lower capital gains against 2018.

As a rapidly rising hotel investment market, Italy is attracting interest from a range of companies—most recently, France's Covivio Hotels.