Balbir S. Sandhu borrows $15M from Preferred Bank for newly built hotel property in Long Island City

Balbir S. Sandhu through the entity 21st Street Hospitality, LLC as borrower signed a loan agreement with lender Preferred Bank valued at $15.0 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 37-35 21st Street in Long Island City. The deal closed on December 24, 2019 and was recorded on January 8, 2020.
The property contains a total of 38,298 square feet of built space.
The average loan per buildable square foot is $392.
The last time the property sold was April 2, 2015, for $2,900,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 94 hotel units on March 27, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 32,602 square feet. Those plans include a total of 94 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link