Jyotiben Panwala signs $8M refi with Dime for hotel in Greenwood Heights

Jyotiben Panwala through the entity 33rd St Bpm Brooklyn LLC as borrower signed a refi loan with lender Dime Community Bank valued at $8 million for the hotel building (H3) at 137 to 147 33rd Street in Greenwood Heights, Brooklyn.
The deal closed on March 27, 2024 and was recorded on April 24, 2024. The prior lender was Dime Community Bank which held debt that had an original loan amount of $5.8 million.

The property has 24,066 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $332 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 8, 2013, for $13 million. The signatory for Jyotiben Panwala was Jyotiben Panwala.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Bijai Panwala, head officer and Jyoti Panwala, officer. The business entity is 33rd St Bpm Brooklyn Llc.

The property

The hotel building in Greenwood Heights has 24,066 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,017 square feet. The lot is irregular. The zoning is M1-2D which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $7.1 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 $15,182 in ECB penalties and $18,287 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 10, 2012. 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 Greenwood Heights, The bulk, or 37 percent of the 16.2 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 36 percent of the space. In sales, Greenwood Heights has 1.5 times the average sales volume among other neighborhoods with $427.1 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Greenwood Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 98,800 square feet of the 187,201 square feet. The identified owner is Sholom Laine.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 187,201 square feet of built space are office buildings, with hotel buildings next occupying 13 percent of the space.

Direct link to Acris document. link