Dream Hotel Group borrows $60M from Motcomb Estates, third loan together since December

Sant Singh Chatwal’s Dream Hotel Group through the entity Surrey Hotel Associates, LLC as borrower signed a loan agreement with lender Reuben Brothers’ Motcomb Estates valued at $60 million for 3 parcels, including the tax class office building with two to six stories (O2) and containing 52 residential units at 856 7th Avenue, 204 West 55th Street, 1724 Broadway in Midtown West. The deal closed on February 28, 2020 and was recorded on March 20, 2020.
The property has 188,418 square feet of available development rights.

This is a refinance loan. This is the Dream Hotel’s third loan provided by the Reuben Brothers’ Motcomb Estates since December. The others were for hotels in Times square.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $145,050.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link