The city's "most convenient hotel" closed in January, and more than 40 employees were laid off, according to a spokesman for the New York Hotel Trades Council.
The seven-story, 216-room hotel was sold in February for more than $20 million, according to city records. Multiple calls to the building's new owner were not returned.
The decades-old hotel has since had gone under a makeover, with the familiar logo getting a revamp.
"Combining the experience of what a deluxe hotel has to offer, with the pricing and room options of a hostel, we at Pan American think we have found a perfect balance when it comes to services and facilities to offered, at an affordable price," the description on the site reads.
Photos on the site show hostel-style rooms with bunk beds, a communal kitchen and upgraded common areas with computers, a pool table and couches.
Beds start at $35.95, the site said, but it's unclear how much the other rooms cost.
There are also photos of private rooms with queen sized beds, more common in a hotel, according to the site.
The hotel still touts its proximity to the borough's attractions and to Manhattan, including a 20 minute ride to La Guardia Airport and 10 minutes to Flushing Meadows-Corona Park.
An employee who answered the phone Tuesday said it could begin taking reservations by next month, but the exact open date isn't set yet pending Department of Buildings approval on open permits.
City records show a permit for new plumbing in a kitchen.