Kaushik Patel signs $10.5M refi with Spring Bank for hotel in Melrose

Kaushik Patel through the entity Melrose Hotel, LLC as borrower signed a refi loan with lender Spring Bank valued at $10.5 million for the hotel building (H3) at 290 East 150th Street in Melrose, Bronx.
The deal closed on January 29, 2026 and was recorded on February 10, 2026. The prior lender was Parke Bank which held debt that had an original loan amount of $6.8 million.The property has 25,472 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $412 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 15, 2023, for $2.2 million. The signatory for Kaushik Patel was Kaushikbhai M. Patel . The signatory for Spring Bank was Akbar Rizvi.

The property

The hotel building in Melrose has 25,472 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,500 square feet. The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $1.4 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 $2,250 in ECB penalties and $2,350 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 210180999, for a 70-unit, 22,031 square-foot R-1 building. The project was submitted by Kaushik Patel with plans filed March 12, 2020 and permitted March 10, 2022.

The neighborhood

In Melrose, The majority, or 57 percent of the 8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 17 percent of the space. In sales, Melrose has the 31st highest sale turnover among other neighborhoods in Bronx with $38.6 million in sales volume in the last two years. For development, Melrose has had very little major development activity relative to other neighborhoods.It had 245,594 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 39 commercial properties representing 85,020 square feet of the 328,217 square feet. The largest owner is Robert Rosenberg, followed by Zalmen Management and then New York Psychotherapy And Counseling Center.
On the tax block, there was one new building construction project filed totaling 22,031 square feet. It is a 70-unit, 22,031 square-foot hotel/dormitory/shelter (R-1) building submitted by Kaushik Patel with plans filed March 12, 2020 and permitted March 10, 2022.

The majority, or 28 percent of the 328,217 square feet of built space are industrial buildings, with walkup buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Kaushik Patel owned at least five commercial properties in New York City with 173,316 square feet and a city-determined market value of $21.1 million. (Market value is typically about 50% of actual value.) The portfolio has $41.5 million in debt, with top three lenders as Hanmi Bank, Parke Bank, and Queensboro Funding respectively. Within the portfolio, all identified are hotel properties. The bulk, or 58 percent of the built space, is in Queens, with Bronx next at 42 percent of the space.

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