A JFK-Adjacent Property, Approved For Two Marriott Hotels, Is Up For Sale
A parcel of land across from JFK Airport, ready to be turned into hotels, is up for sale.
The 1.9-acre offering is split into two contiguous lots at 142-30 135th Ave. and 135-25 142nd St., which are pre-approved for development into a Residence Inn and a JFK Marriott, both under the Marriott umbrella. The properties are collectively zoned for over 391K SF of commercial, residential or mixed-use development, although the planned hotels would total 271K SF.
The land is being offered by an LLC registered to Connecticut-based Soundview Real Estate Partners and marketed by Cushman & Wakefield, with an asking price of $39M. Just across the Belt Parkway from JFK Airport, the parcel is in a submarket that has averaged 90% occupancy at $164 per night over the past two years, better than the LaGuardia submarket and many in Manhattan.
“Because most comparable hotels are older, these new properties would all but certainly draw in even higher revenue,” Cushman & Wakefield Senior Managing Director Stephen Preuss said. “New product is a competitive advantage.”
The Residence Inn is approved for 12 floors at almost 94K SF, with 182 rooms, and the JFK Marriott is approved for 11 floors at 177K SF with 362 rooms.