Taconic latest to fold on former Z NYC Hotel

The saga of the former Z NYC Hotel in Long Island City took another turn last month when a former creditor on the property sold it for a sinking sum. Palette Hotels acquired 11-01 43rd Avenue from Taconic Capital for $25.5 million, Crain’s reported. Taconic acquired the former 100-key hotel from Merchants Capital in May 2021 for approximately $38.4 million, three years after Merchants acquired it for $32.3 million. Taconic lent Merchants $38 million at the property in 2019, allowing it to swoop in for its acquisition two years later. It’s unclear what Palette has planned for the site; the […] This article originally appeared on The Real Deal. Click here to read the full story.