Developer secures $46 million in financing for 24-story Long Island City hotel project

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38-59 11th st rendering

Developer Teddy Li has recently secured financial backing from Madison Realty Capital to complete a new 240-key Staybridge Suites hotel in Long Island City. The 24 story project at 38-59 11th St. occupies approximately 183,000 sq. ft.

The Real Deal reports the package reached $46 million. Gene Kaufman Architect designed the building, which is more than 50 percent complete.

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