Jasmin Patel signs $24.9M refi loan with Dime Community Bank for hotel in NoMad

Jasmin Patel through the entity 16-18 East 30th Street Lp as borrower signed a refi loan with lender Dime Community Bank valued at $24.9 million for the hotel building (H3) at 16-18 East 30th Street in NoMad, Manhattan.
The deal closed on August 3, 2022 and was recorded on August 10, 2022. The prior lender was East West Bank which held debt that had an original loan amount of $22.5 million. The property has 50,997 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $488 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 May 2, 2013, for $13 million. The signatory for Jasmin Patel was Jasmin Patel. The signatory for Dime Community Bank was Mario Colon.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Danny Leopold, head officer. The business entity is Lhg Group.

The property

The 16-18 East 30th Street parcel has frontage of 37 feet and is 99 feet deep with a total lot size of 3,703 square feet. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.9 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 20, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In NoMad, the majority, or 63 percent of the 13.5 million square feet of commercial built space are office buildings, with hotel buildings next occupying 18 percent of the space. In sales, NoMad has 1.9 times the average sales volume among other neighborhoods with $658.4 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, NoMad has had very little major development activity relative to other neighborhoods.It had 406,437 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one 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 26 commercial properties representing 157,814 square feet of the 1,329,845 square feet. The largest owner is Samco Properties, followed by Premier Equities and then Florim USA.
There are three active new building construction projects totaling 229,921 square feet. The largest is a 129-unit, 220,929-square-foot R-2 building developed by Ran Korolik with plans filed May 1, 2015 and permitted January 23, 2017. The second largest is a 4,499-square-foot A-2 building developed by Uzi Ben-Abraham with plans filed September 11, 2019 and it has not been permitted yet.

The majority, or 76 percent of the 1.3 million square feet of built space are office buildings, with hotel buildings next occupying 15 percent of the space.

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