Joseph Brunner signs $7M refi loan with Metropolitan Commercial for hotel in NoHo

Joseph Brunner of Bruman Realty through the entity Metro Sixteen Hotel I LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $7 million for the hotel building (HH) at 338-340 Bowery in NoHo, Manhattan.
The deal closed on July 31, 2025 and was recorded on August 5, 2025. The prior lender was Webster Bank which held debt that had an original loan amount of $4.1 million.The property has 12,385 square feet of built space and 3,336 square feet of additional air rights for a total buildable of 15,720 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $565 and the price per buildable square foot is $445 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 September 4, 2014, for $8.2 million. The signatory for Joseph Brunner was Joseph Brunner. The signatory for Metropolitan Commercial Bank was Jay Shah and Ross Dahmen .

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is James Kot, head officer. The business entity is 340 Bowery Property Llc.

The property

The hotel building in NoHo has 12,385 square feet of built space and 3,336 square feet of additional air rights for a total buildable of 15,720 square feet according to a PincusCo analysis of city data. The parcel has frontage of 43 feet and is 111 feet deep with a total lot size of 4,570 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The property is in the NoHo Historic District Extension. The city-designated market value for the property in 2022 is $2.1 million. The most recent loan totaled $10.2 million and was provided by Metropolitan Commercial Bank on August 4, 2022.

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 $2,580 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 NoHo, The majority, or 55 percent of the 3.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 14 percent of the space. In sales, NoHo has had very little sales volume relative to other neighborhoods with $115.4 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 270,898 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.

The block

On this tax block, PincusCo has identified the owners of eight of the 23 commercial properties representing 126,354 square feet of the 336,595 square feet. The largest owner is Cara Investment Gmbh, followed by Lagfin and then Steven Gautier-Winther.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 336,595 square feet of built space are office buildings, with mixed-use buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Joseph Brunner owned at least five commercial properties with 38 residential units in New York City with 28,690 square feet and a city-determined market value of $8.7 million. (Market value is typically about 50% of actual value.) The portfolio has $104.2 million in debt, with top three lenders as Starwood Mortgage Capital, Parke Bank, and Bank Leumi respectively. Within the portfolio, the bulk, or 54 percent of the 28,690 square feet of built space are walkup properties, with development properties next occupying 37 percent of the space. They are all located in Brooklyn.

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