ASAP Holdings signs $195M refi with Trimont for hotel near LaGuardia

ASAP Holdings through the entity Asap Ditmars LLC as borrower signed a refi loan with lender Trimont through the entity Trimont LLC valued at $195 million for the New York LaGuardia Airport Marriott building (H3) at 102-05 Ditmars Boulevard in East Elmhurst, Queens and a nearby surface parking lot, both near LaGuardia Airport.
The deal closed on June 25, 2024 and was recorded on July 2, 2024. The prior lender was Bridge Investment Group which held debt that had an original loan amount of $55.4 million.
The two properties have 261,267 square feet of built space and 222,276 square feet of additional air rights for a total buildable of 483,591 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $746 and the price per buildable square foot is $403 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for ASAP Holdings was Jerome Yuan. The signatory for Trimont was Ted Wright. The prior debt was $55,375,000 provided by Bridge Investment Group and packaged into BDS 2020-FL5 LTD. and the newly added debt is $139.6 million. There is an error in the filing, stating the total updated debt package is $139.6 million but in fact the total amount is $195 million.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Marc Gordon, head officer and Jeff Lesker, site manager. The business entities are Aimbridge Hospitality Llc and Kar Hotel Owner Llc.

The property

The hotel building in East Elmhurst has 261,267 square feet of built space and 222,276 square feet of additional air rights for a total buildable of 483,591 square feet according to a PincusCo analysis of city data. The parcel has frontage of 515 feet and is 162 feet deep with a total lot size of 140,492 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $61.5 million. The most recent loan totaled $55.4 million and was provided by Bridge Investment Group on January 15, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation and $1,000 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In East Elmhurst, The bulk, or 48 percent of the 2 million square feet of commercial built space are hotel buildings, with specialty buildings next occupying 17 percent of the space. In sales, East Elmhurst has the 57th highest sale turnover among other neighborhoods in Queens with $6.2 million in sales volume in the last two years. For development, East Elmhurst has had very little major development activity relative to other neighborhoods.It had 371,465 square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space.

The block

On the tax block of 102-05 Ditmars Blvd, PincusCo has identified the owners of two of the two commercial properties representing 261,267 square feet of the 261,267 square feet. The identified owner is Asap Holdings.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 261,267 square feet of built space are hotel buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Asap Holdings owned at least three commercial properties in New York City with 376,067 square feet and a city-determined market value of $93.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 376,067 square feet of built space are hotel properties, with development properties next occupying 0 percent of the space. They are all located in Queens.

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