KW Commercial, the commercial real estate arm of Keller Williams Realty, the number one real estate franchise in the United States, is pleased to announce it has brokered a new master lease for all 100 keys of the Z Hotel, located at 11-01 43rd Avenue in Long Island City, a neighborhood of Queens. The lease is for a minimum term of seven years and up to 17 years with extensions.
The master lease for the 100 key. Merchants Hospitality, the landlord who was represented by Julia Maksimova at KW Commercial, brokered the deal with the tenant Sonder, who 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.
“We are thrilled to lease this prime hotel space on behalf of Merchants Hospitality,” said Julia Maksimova of KW Commercial who represented the landlord in the deal. “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.”
The property includes 45,000 feet 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.
KW Commercial is the commercial real estate arm of Keller Williams Realty, the number one real estate company in the United States. The commercial arm consists of knowledgeable, results-driven brokers backed by the most innovative and scalable technology the commercial real estate industry has to offer.
