Alchemy Finalizes Sale of Hotel Vetiver in Long Island City, Queens
Private local investor acquires closed, heavy value-add asset with hotel repositioning potential
Alchemy Real Estate Advisors has announced the successful sale of the Hotel Vetiver, a shuttered hotel located at 29-11 39th Avenue in Long Island City, Queens. The transaction was completed on behalf of a CMBS special servicer. A private local investor acquired the asset, which presents significant value-add and repositioning potential.
The Hotel Vetiver is currently closed, and the property will require substantial capital investment prior to reopening. The hotel is located within a prime, transit-connected location and stands to benefit from Long Island City’s continued growth.
Hotel Vetiver is situated in one of New York City’s most accessible and evolving neighborhoods. Long Island City provides direct connectivity to Midtown Manhattan via multiple subway lines, the Queensboro Bridge, and NYC Ferry service along the East River, with LaGuardia Airport nearby. These transit links support both short-term hotel demand and long-term residential interest.
The area draws a diverse mix of hotel demand from corporate, project-based, and leisure travelers. The submarket is fueled by proximity to Midtown offices, the growing creative and media industries in Western Queens, and a vibrant mix of restaurants, galleries, and cultural landmarks, including MoMA PS1 and Gantry Plaza State Park.
“We represented the CMBS special servicer and Trust on this REO asset. Despite the asset being closed, we generated strong bidder competition by reframing the property as a compelling value-add opportunity and activating our special-situations buyer network and deep understanding of the New York City market. The process attracted a strong pool of buyers, ultimately leading to a local investor emerging as the frontrunner—distinctly qualified to reposition the property and unlock its long-term potential,” said Joe Cuomo, Principal and Founder of Alchemy Real Estate Advisors.
Alchemy leveraged its deep CMBS and special servicing expertise to manage a targeted marketing strategy, coordinate stakeholder objectives, and navigate the complexities of selling a closed asset in today’s challenging capital markets environment.
Terms of the transaction were not disclosed.
