Nikul J. Patel borrows $16M from Metropolitan Commercial Bank for hotel in Mott Haven

Nikul J. Patel through the entity New Jai Ganesh Realty LLC as borrower signed a loan agreement with lender Metropolitan Commercial Bank valued at $15.6 million for a new hotel at 500 Exterior Street in Mott Haven. The deal closed on December 26, 2019 and was recorded on January 10, 2020.

The last time the property sold was May 9, 2007, for $3,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 85 hotel units on July 27, 2017.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 54,920 square feet. Those plans include a total of 66 residential or hotel units.
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