Kaushick Patel signs $11M loan to refi new LIC hotel

Kaushick Patel through the company Sam Sai Hospitality, LLC as borrower signed a loan with lender Queensboro Funding, LLC valued at $11 million for the new hotel (H3) at 41-01 21st Street in Long Island City, Queens.
The deal closed on April 12, 2021 and was recorded on May 19, 2021.
The property has 40,946 square feet of built space and 0 square feet of additional air rights for a total buildable of 36,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $267 per the PincusCo analysis.
The owner bought the property on December 15, 2008, for $4 million.
(420821748) Plans for a 114-unit R-1 were filed on March 12, 2013.
This financing replaces a $15 million construction loan given by SKW Funding.

Direct link to Acris document. link