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Brokerage
Posted: March 24, 2020
KW Commercial brokers master lease for Z Hotel
Queens, NY KW Commercial, the commercial real estate arm of Keller Williams Realty, has brokered a new master lease for all 100 keys of the Z Hotel, located at 11-01 43rd Ave. in Long Island City. The lease is for a minimum term of seven years and up to 17 years with extensions.
Merchants Hospitality, the landlord, was represented by Julia Maksimova at KW Commercial. The tenant, Sonder, was represented by David Behin and JD Cohen of Newmark Knight Frank (NKF). Sonder, a flexible stay hospitality start-up, purposefully selects, designs and maintains its spaces to reflect the character of the neighborhood.
The property includes 45,000 s/f of retail, office, food and amenity space. On site are the Savanna Rooftop and Cellar Bar, which will remain open to the public as they are public restaurants.
“We are thrilled to lease this prime hotel space on behalf of Merchants Hospitality,” said Maksimova. “This prime location and prominent tenant positions this property as an excellent hospitality destination.”
“Bringing our client, Sonder to Long Island City at the Zhotel is a big win for the neighborhood,” said David Behin of NKF. “Sonder’s mission of creating well-designed properties with an eye towards technology inclusion will be a natural fit for the diverse needs of the area.”
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