Hardik Patel, George Nediyakalayil pay $26.6M to RiverBrook Equities for LIC hotel

Hardik Patel and Chicago area fuel distribution entrepreneur George Nediyakalayil through the entity RET 38 LLC paid $26.6 million to RiverBrook Equities through the entity 38th Ave Hospitality LLC for the hotel building (H3) at 9-02 38th Avenue in Long Island City, Queens. The expected use is cash flowing.
The deal closed on December 18, 2025 and was recorded on March 11, 2026. The property has 44,168 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $603 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 October 16, 2013, for $1.9 million. The signatory for RiverBrook Equities was Steven Mendel . The signatory for Hardik Patel and George Nediyakalayil was Hardik S. Patel and George M. Nediyakalayil. The contract date was June 9, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Hardik Patel had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller RiverBrook Equities had not purchased any other properties and sold one property in one transaction for a total of $4.5 million over the same time period. The 44,168-square-foot property generated revenue of $6.3 million or $143 per square foot, according to the most recent income and expense figures.

The property

The hotel building with 1 residential units in Long Island City has 44,168 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 69 feet and is 85 feet deep with a total lot size of 5,888 square feet. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $9.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 29, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.4 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 8.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space. There were 23 pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 24 commercial properties representing 297,745 square feet of the 373,484 square feet. The largest owner is Mcsam Hotel Group, followed by Priyank N. Patel and then Riverbrook Equities.
On the tax block, there were two new building construction projects totaling 76,375 square feet. The largest is a 248-unit, 73,644 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Chang Sam with plans filed April 12, 2016 and permitted August 31, 2018. The second largest is a 2,731 square-foot business (B) building submitted by Howard Wu with plans filed July 6, 2018 and permitted April 22, 2025.

The majority, or 77 percent of the 373,484 square feet of built space are hotel buildings, with industrial buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Riverbrook Equities owned at least four commercial properties with 44 residential units in New York City with 145,717 square feet and a city-determined market value of $34.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 145,717 square feet of built space are hotel properties, with elevator properties next occupying 37 percent of the space. The bulk, or 63 percent of the built space, is in Queens, with Manhattan next at 37 percent of the space.

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