Developer Teddy Li recently secured financial backing from Madison Realty Capital to facilitate completion of a new 240-key Staybridge Suites hotel in Long Island City. Located at 38-59 11th Street, the development will comprise approximately 183,000 square feet and top out at 24 stories.
According to The Real Deal, which broke the story this week, the financial package amounted to $46 million. Marcus & Millichap brokers Gary Sefcik and Iona Liu brokered negotiations.
Designed by Gene Kaufman Architect, the hotel is now more than half complete.
Original filings for the development also included enclosed parking for 31 vehicles. However, these permits also called for a smaller hotel comprising just over 54,000 square feet and only 116 guest rooms. That considered, it is unclear whether the parking component is included in this iteration of development.