Mamta Kumar pays $12.4M to Sanjay Patel for hotel in Staten Island

Mamta Kumar through the entity 300 Wild LLC paid $12.4 million to Sanjay Patel through the entity K.K. Sankar Mahadev Corp. for the Holiday Inn Express Staten Island West hotel building (H3) at 300 Wild Avenue in Travis-Chelsea, Staten Island.
The deal closed on December 23, 2022 and was recorded on January 27, 2023.The property has 36,808 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $338 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 October 11, 2016, for $9.5 million. The signatory for Sanjay Patel was Sanjay Patel. The signatory for Mamta Kumar was Mamta Kumar.

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 Sanjay Patel had not purchased any other properties and sold one properties in one transactions for a total of $9.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Shailesh Kumar, head officer and Dhruv Kumar, agent. The business entities are Kk Sankar Mahadev Corp and Kk Sankar Mahadev Corp.

The property

The 300 Wild Avenue parcel has frontage of 150 feet and is 200 feet deep with a total lot size of 30,000 square feet. 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 $6.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

there are no active new building construction projects on this tax block.

all properties are hotel.

Correction: A prior version of this post misspelled the given name of the buyer as ‘Manita”. The name has been corrected.

Direct link to Acris document. link