PX4 Development Buys Long Island Hotel for $15 Million, Plans Student Housing Conversion

Jericho, N.Y. — PX4 Development has purchased an 80-room hotel in the Long Island community of Jericho with plans to convert the building into a student housing community with one-, two- and three-bedroom units. To that end, PX4 has secured a long-term lease with The New York Institute of Technology, which has campuses on both Manhattan and Long Island. The development team is aiming to have the building ready for occupancy in advance of the 2024 academic year. “This property, with our long-term lease to New York Tech, represents a significant opportunity to support their mission of fostering academic excellence and creating a vibrant campus community,” says Michael Puntillo, managing partner of PX4 Development. “We are excited to collaborate with the university to provide state-of-the-art student housing facilities and contribute to the growth and development of the local area.”