Jaspinder Sandhu signs $21.5M refi for newly built hotel in Jamaica

Jaspinder Sandhu through the entity Liberty Tuck Ny LLC as borrower signed a refi loan with lender Amalgamated Bank valued at $21.5 million for the hotel building (H3) at 104-16 Tuckerton Street in Jamaica, Queens.
There was a new building project for a 96-unit, 59,145 square-foot hotel (R-1) building submitted by Tejpal Sandhu and filed by Tejpal Sandhu with plans filed October 14, 2020 and permitted June 30, 2021.
The deal closed on December 19, 2023 and was recorded on January 23, 2024. The prior lender was Tideway Capital Funding which held debt that had an original loan amount of $20 million.
The property has 61,467 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $349 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 November 13, 2018, for $6 million. The signatory for Jaspinder Sandhu was Jaspinder K. Sandhu. The signatory for Amalgamated Bank was Jacob Nimmer.

The property

The hotel building in Jamaica has 61,467 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 106 feet and is 100 feet deep with a total lot size of 14,777 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.9 million. The most recent loan totaled $15.8 million and was provided by Tideway Capital Group on September 15, 2021.

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 $1,000 in OATH penalties in the last year.

Development

On the lot, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 96,749 square feet. The largest is a new building project for a 96-unit, 59,145 square-foot R-1 building submitted by Tejpal Sandhu and filed by Tejpal Sandhu with plans filed October 14, 2020 and permitted June 30, 2021.

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 near average sales volume among other neighborhoods with $317.5 million in sales volume in the last two years and is the 6th highest in Queens. For development, Jamaica has 3.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.7 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 six of the 10 commercial properties representing 65,417 square feet of the 83,985 square feet. The largest owner is Sandhu Group, followed by Maria Wolf Of Alicia Cornali and then Maria Wolf.
On the tax block, there were four new building construction projects totaling 152,275 square feet. The largest is a 96-unit, 59,145 square-foot hotel/dormitory/shelter (R-1) building submitted by Tejpal Sandhu and filed by Tejpal Sandhu with plans filed October 14, 2020 and permitted June 29, 2021. The second largest is a 55,526 square-foot storage (S-1) building submitted by Robert Poole with plans filed June 23, 2016 and it has not been permitted yet.

The majority, or 73 percent of the 83,985 square feet of built space are hotel buildings, with mixed-use buildings next occupying 14 percent of the space.

The borrower

The PincusCo database currently indicates that Jaspinder Sandhu owned at least two commercial properties in New York City with 91,249 square feet and a city-determined market value of $24.1 million. (Market value is typically about 50% of actual value.) The portfolio has $35 million in debt, borrowed from Orange Bank & Trust Company and Preferred Bank. Within the portfolio, the bulk, or 68 percent of the 91,249 square feet of built space are mixed-use properties, with hotel properties next occupying 32 percent of the space. The bulk, or 68 percent of the built space, is in Queens, with Bronx next at 32 percent of the space.

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