Mamta Kumar pays $15.3M to Vishal Patel for hotel on Staten Island

Mamta Kumar through the entity 290 Wild LLC paid $15.3 million to Vishal Patel through the entity Rupson Of Hyde Park Inc. for the hotel building (H3) at 290 Wild Avenue in Travis-Chelsea, Staten Island.
Mamta Kuman bought the adjacent hotel at 300 Wild Avenue for $12.4 million in December 2022.
The deal closed on December 11, 2023 and was recorded on January 8, 2024. The property has 44,182 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $347 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 seller bought the property on July 12, 2017, for $11.7 million. The signatory for Vishal Patel was Vishal Patel. The signatory for Mamta Kumar was Mamta Kumar. The contract date was April 5, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mamta Kumar had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vishal Patel had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Vishal Patel, head officer. The business entity is Rupson Of Hyde Park, Inc.

The property

The hotel building in Travis has 44,182 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 177 feet deep with a total lot size of 37,299 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $4.8 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 one DOB violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 13, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 67,718 square feet of the 111,900 square feet. The two identified owners are Manita Kumar and Gurbachan S. Chawla.
There are no active new building construction projects on this tax block.

All properties are hotel.

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