Besen & Associates sells Gold Coast Hotel for $5.6 million

Laurence Ross, an active NYC sales broker of the platinum team at Besen, has completed the successful sale of the Gold Coast Hotel, located at 1053 Northern Blvd. for $5.6 million to Sam Chang of McSam Hotels. This three-story 56-unit hotel, situated on a main artery in what's known as the historic gold coast on the north shore of Long Island, is less than an 1/8 of a mile from the famed Manhasset Miracle Mile retail center and next door to long time neighborhood staple Bryant & Cooper Steak House. According to Ross, "The property is situated on the most expensive retail strip of Long Island where property values and rents have soared over recent years." Built in 1968, the hotel has over 125' of frontage and offers great visibility in a high traffic location. There is ample parking with an adjacent lot for further expansion. Ross adds, "The hotel which seemed to be underperforming in an area with a dearth of hotel rooms and strong demographics, should capitalize off of new office construction in the area and a demand for quality hotel accommodations." Ross represented both the seller and buyer in this transaction, long time owner Roslyn Motel LLC and Sam Chang of McSam Hotels respectively.