Jasmin Patel signs $28M refi for hotel in Garment District
Jasmin Patel through the entity Ideal Hospitality LLC as borrower signed a refi loan with lender Dime Community Bank valued at $28 million for the hotel building (H3) at 48 West 36th Street in Garment District, Manhattan.
The deal closed on June 23, 2023 and was recorded on July 3, 2023. The prior lender was the CMBS Series 2015-NXS1 which held debt that had an original loan amount of $30.1 million.
The property has 37,195 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $752 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 June 17, 2008, for $10.1 million. The signatory for Jasmin Patel was Jasmin Patel. The signatory for Dime Community Bank was Mario Colon.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Priyank Patel, head officer and Tic Capital Llc, shareholder. The business entities are Letap Group Llc and Ideal Hospitality LLC.
The property
The hotel building in the Garment District has 37,195 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 33 feet and is 98 feet deep with a total lot size of 3,282 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $16.1 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 one DOB violation and $250 in OATH penalties in the last year.
Development
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 the Garment District, The majority, or 69 percent of the 51.8 million square feet of commercial built space are office buildings, with hotel buildings next occupying 12 percent of the space. In sales, Garment District has 2.4 times the average sales volume among other neighborhoods with $831.7 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Garment District has 3.5 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 3.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There were two 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 13 of the 33 commercial properties representing 675,566 square feet of the 1,436,912 square feet. The largest owner is Yosef Nazar, followed by Toni Park and then Rosen Equities.
There are no active new building construction projects on this tax block.
The majority, or 44 percent of the 1.4 million square feet of built space are office buildings, with hotel buildings next occupying 43 percent of the space.
The borrower
The PincusCo database currently indicates that Jasmin Patel owned at least one commercial property in New York City with 50,997 square feet and a city-determined market value of $12.8 million. (Market value is typically about 50% of actual value.) The portfolio has $24.9 million in debt, borrowed from Dime Community Bank. The portfolio consists of at least a single hotel property. It is located in Manhattan.
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