Jasmin Patel signs $38M construction loan for 187-key hotel in Garment District

Jasmin Patel through the entity 319 West 38th Street Lp as borrower signed a new construction loan with lender Industrial and Commercial Bank of China for the 187-room hotel project at 319-321 West 38th Street in the Garment District, Manhattan.
On the lot, there is an active new building construction project, 121206729, for a 187-unit, 54,622 square-foot hotel (R-1) building submitted by Jasmin Patel with plans filed December 5, 2019 and permitted March 8, 2024.
The loan closed on February 27, 2025 and was recorded on March 18, 2025. The property has 11,685 square feet of built space and 34,000 square feet of additional air rights for a total buildable of 45,700 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $3,252 and the price per buildable square foot is $831 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 signatory for Jasmin Patel was Jasmin Patel.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jaz Patel, head officer and Priyank Patel, officer. The business entity is 319 West 38th Street Llc.

The property

The parcel has frontage of 46 feet and is 98 feet deep with a total lot size of 4,570 square feet. The city-designated market value for the property in 2022 is $837,000.

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, $10,625 in ECB penalties, and $15,625 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of nine of the 24 commercial properties representing 646,174 square feet of the 1,541,804 square feet. The largest owner is Quadrum Global, followed by Magna Hospitality Group and then Ivy Realty.
On the tax block, there was one new building construction project filed totaling 147,863 square feet. It is a 520-unit, 147,863 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed July 24, 2015 and permitted February 6, 2017.

The majority, or 43 percent of the 1.5 million square feet of built space are office buildings, with hotel buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Jasmin Patel owned at least four commercial properties in New York City with 229,036 square feet and a city-determined market value of $46.2 million. (Market value is typically about 50% of actual value.) The portfolio has $49.9 million in debt, borrowed from Metro City Bank and Dime Community Bank. Within the portfolio, all identified are hotel properties. The bulk, or 78 percent of the built space, is in Queens, with Manhattan next at 22 percent of the space.

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