Hemal Patel gets $5.3M construction loan from Alpine Capital for hotel in Brownsville

Hemal C. Patel through the entity S & H Hotel Management, LLC as borrower signed a loan agreement with lender Alpine Capital Bank valued at $5.3 million for 1 parcel, including the tax class two-story or store and office (K2) at 1755 Pitkin Avenue in Brownsville. The deal closed on December 14, 2020 and was recorded on February 5, 2021.
The property contains a total of 9,600 square feet of built space.
The average loan per buildable square foot is $552.
This is a new construction loan. The last time the property sold was December 18, 2019, when Patel bought it for $2,700,000.
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 Those plans include a total of 66 hotel units.

There has been one demolition project filed for the parcels over the past five years.

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