Taconic Capital Advisors has paid $38.4 million for the former Z NYC Hotel building in Long Island City in Queens, N.Y., according to several news reports.
The seller was Merchants Hospitality, which acquired the asset in 2018 for $32.3 million, with plans to reposition it into a mixed-use development. Merchants poured $2.5 billion into refitting the property with retail, coworking space and art galleries; however, the hotel shut its doors in 2020 due to the COVID-19 pandemic.
The 100-room hotel featured a 14-story tower, a rooftop bar/lounge and floor to ceiling windows in all guest rooms.
