McSam Hotel Group signs $55M loan for under-construction hotel in South Ozone Park

McSam Hotel Group through the entity JFK Fiona 32 LLC as borrower signed a new construction loan with lender Metropolitan Commercial Bank valued at $55 million for the industrial building (G7) at 143-02 135th Avenue in South Ozone Park, Queens.
The deal closed on October 24, 2025 and was recorded on November 21, 2025. The prior lender was Jemm Capital Partners which held debt that had an original loan amount of $19.5 million.
The signatory for McSam Hotel Group was Sam Chang . The signatory for Metropolitan Commercial Bank was Ross Dahmen and Dennis Graham .

The property

The parcel has frontage of 71 feet and is 243 feet deep with a total lot size of 17,530 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 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 $41,250 in ECB penalties and $41,250 in OATH penalties in the last year.

Development

On the lot, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 373,897 square feet. The largest, 421134276, is a major alteration project for a 318-unit, 413,026 square-foot R-2 building submitted by Emily Kurtz with plans filed May 18, 2023 and permitted February 6, 2024. The second largest, 421133730, is a new building project for a 408-unit, 126,558 square-foot R-1 building submitted by JFK Hotel Partners LLC and filed by Stephen Epstein with plans filed January 11, 2021 and permitted November 12, 2024.

The neighborhood

In South Ozone Park, The bulk, or 27 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 26 percent of the space. In sales, South Ozone Park has near average sales volume among other neighborhoods with $262.8 million in sales volume in the last two years and is the 10th highest in Queens. For development, South Ozone Park has had very little major development activity relative to other neighborhoods.It had 709,657 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the six commercial properties representing 648,088 square feet of the 648,088 square feet. The largest owner is Soundview Real Estate Partners, followed by Riseboro Community Partnership and then Ronnie Gross.
On the tax block, there were five new building construction projects totaling 628,369 square feet. The largest is a 360-unit, 162,504 square-foot hotel/dormitory/shelter (R-1) building submitted by Chartwell Hospitality and filed by Robert Schaedle Iii with plans filed December 8, 2015 and permitted April 9, 2019. The second largest is a 360-unit, 160,551 square-foot hotel/dormitory/shelter (R-1) building submitted by Chartwell Hospitality and filed by Robert Schaedle Iii with plans filed December 8, 2015 and permitted August 2, 2018.

The majority, or 100 percent of the 648,088 square feet of built space are hotel buildings, with specialty buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that McSam Hotel Group owned at least 24 commercial properties with 17 residential units in New York City with 1,092,980 square feet and a city-determined market value of $251.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 92 percent of the 1,092,980 square feet of built space are hotel properties, with industrial properties next occupying 3 percent of the space. The bulk, or 84 percent of the built space, is in Manhattan, with Queens next at 16 percent of the space.

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