Maheshchand Ratanji borrows $10M from State Bank Of Texas for hotel in Mott Haven

Maheshchand Ratanji through the entity 154 Bruckner Blvd LLC as borrower signed a loan agreement with lender State Bank Of Texas valued at $10 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) at 154 Bruckner Boulevard in Mott Haven. The deal closed on May 6, 2020 and was recorded on May 13, 2020.
The property contains a total of 41,582 square feet of built space.
The average loan per buildable square foot is $240.
Ratanji took out a second mortgage valued at $2.8 million as part of the $10 million debt package. The last time the property sold was January 13, 2015, for $3,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 31,491 square feet. Those plans include a total of 101 residential or hotel units. There have been 3 demolition projects filed over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link