Teddy Li Scores $46M Construction Loan for Hotel at 38-59 11th Street in Long island City

Rendering of 38-59 11th Street (Gene Kaufman Architect)Rendering of 38-59 11th Street (Gene Kaufman Architect)

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.

38-59 11th Street build site - via Google Maps

38-59 11th Street build site – via Google Maps

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TFC Horizon
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5 Comments on "Teddy Li Scores $46M Construction Loan for Hotel at 38-59 11th Street in Long island City"

  1. Man, why do hotel designs in NY sucks so much?

    “Designed by Gene Kaufman Architect”

    Oh, never mind.

  2. Yikes. That is simply awful. Gene Kaufman is the worst.

  3. Well this probably Gene Kaufman changing for it’s best ever designed hotel. Gene Kaufman’s the best one!!!
    Must be called as GK Collection’s Grand Hotel of LIC…

  4. I think this is a Bill Deblasio one of the best “transitional house”. How many beds???
    Hobos will pleasured to live in LIC. Don’t forget to hand out them free Metrocards, so their place of “work” in Penn Station area hardly get changed.

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