Empire Hotel Group signs $11.8M refi with First Republic for hotel in Upper West Side

Empire Hotel Group through the entity Rjmd Associated Lp as borrower signed a refi loan with lender First Republic Bank valued at $11.8 million for the hotel (H3) at 2520 Broadway in Upper West Side, Manhattan.
The deal closed on August 24, 2021 and was recorded on September 20, 2021.
The property has 191,868 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $61 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 Empire Hotel Group was Ronald Domb and Jay Domb.
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. One of the projects were to change the number of residential units from 396 to 300.
The owners according to the Department of Housing Preservation and Development includes Harry Persaud, head officer and Jay Domb, officer. The business entities are Beverley Hotel Assoc Llc and R J M D Associates Lp.

Within a 400-foot radius of 2520 Broadway, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit issued on October 2, 2019 for a 90,596-square-foot R-2 building with 44 residential units at 2505 Broadway.
Of those five items, four were loans above $5 million totaling $212.2 million. The most recent of the four was Adam America Real Estate which borrowed $100 million from Axos Bank secured by the 45-unit rental (D7) on 2503 Broadway on February 9, 2021.

Direct link to Acris document. link