Jai Patel signs $30M refi with Metro City Bank for Aloft hotel in Jamaica

Jai Patel of PrideHospitalityGroup through the entity Pride Hotel, LLC as borrower signed a refi loan with lender Metro City Bank valued at $30 million for the Aloft Jamaica Queens hotel (H3) at 149-03 Archer Avenue in Jamaica, Queens.
The deal closed on December 29, 2023 and was recorded on January 10, 2024. The prior lender was East West Bank which held debt that had an original loan amount of $30 million.

The property has 140,658 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $213 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 owner bought the property on March 23, 2015, for $5.3 million. The signatory for PrideHospitalityGroup was Jai Patel. The signatory for Metro City Bank was Michelle Lee. Jai Patel

Prior sales and revenue

The 140,658-square-foot property generated revenue of $12.2 million or $87 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Jamaica has 140,658 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 108 feet deep with a total lot size of 14,099 square feet. The lot is irregular. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $21.6 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 not received any significant violations in the last year.

Development

On the lot, there was a new building construction project for a 283-unit hotel (R-1) building. The project was submitted by Jai Patel with plans filed August 21, 2015 and permitted May 16, 2016.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has 1.2 times the average sales volume among other neighborhoods with $372.6 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.9 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.8 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.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 2,620 square feet of the 178,160 square feet. The identified owner is Nuri-Dorothy Kohen.
On the tax block, there were two new building construction projects totaling 42,859 square feet. The largest is a 68-unit, 31,812 square-foot hotel/dormitory/shelter (R-1) building submitted by A&R Properties Group and filed by Joshua Asherian with plans filed June 23, 2016 and it has not been permitted yet. The second largest is a 283-unit hotel/dormitory/shelter (R-1) building submitted by Jai Patel with plans filed August 21, 2015 and permitted May 16, 2016.

The majority, or 79 percent of the 178,160 square feet of built space are hotel buildings, with retail buildings next occupying 10 percent of the space.

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