Atlantic Stars Hotel & Cruises borrows $22M from Oceanfirst Bank for hotel in Flatiron

Atlantic Stars Hotel & Cruises through the entity Historic Inns Of New York City, LLC as borrower signed a loan agreement with lender OceanFirst Bank N.A. valued at $22.0 million for 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1) at 124 East 28th Street in Flatiron. The deal closed on January 9, 2020 and was recorded on February 5, 2020.
The property contains a total of 58,163 square feet of built space.
The average loan per buildable square foot is $378.
The debt was cut from $26 million previously provided by BankUnited.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 141 hotel units on December 31, 2013.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $650,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $605,498.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link