Gurbachan Chawla pays $9.5M to Sanjay Patel for hotel in Staten Island

Gurbachan S. Chawla through the entity 310 Wild LLC paid $9.5 million to Sanjay Patel through the entity Akash Hotels LLC for hotel building (H3) at 310 Wild Avenue in Travis-Chelsea, Staten Island.
The deal closed on September 22, 2022 and was recorded on October 21, 2022. The property has 30,910 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $307 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 seller bought the property on July 12, 2017, for $8.2 million. The signatory for Sanjay Patel was Sanjay Patel. The signatory for Gurbachan S. Chawla was Gurbachan S. Chawla.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gurbachan S. Chawla had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sanjay Patel had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Sanjay Patel, head officer and Dhruv Kumar, site manager. The business entity is Akash Hotels Llc.

The property

The 310 Wild Avenue parcel has frontage of 150 feet and is 200 feet deep with a total lot size of 30,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

All properties are hotel.

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