Om Dhiman signs $6M refi for 48-unit rental in Lower East Side

Om Dhiman through the entity 259 Broome LLC as borrower signed a refi loan with lender JPMorgan Chase through the entity Jpmorgan Chase Bank, N.A. valued at $6 million for the 48-unit residential elevator building (D7) at 259-261 Broome Street in Lower East Side, Manhattan.
The deal closed on January 31, 2024 and was recorded on February 6, 2024. The prior lender was Northfield Bank which held debt that had an original loan amount of $10.2 million.
The property has 27,370 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $219 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 owner bought the property on May 11, 2007, for $16.4 million. The signatory for Om Dhiman was Om Dhiman. The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Sundeep Dhiman, head officer and Om Dhiman, officer. The business entity is 259 Broome Llc.

The property

The residential elevator building with 48 residential units in Lower East Side has 27,370 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 87 feet deep with a total lot size of 4,390 square feet. The lot is irregular. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $10.5 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 $2,500 in ECB penalties and $3,260 in OATH penalties in the last year.

Development

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 three of the 22 commercial properties representing 42,320 square feet of the 297,614 square feet. The largest owner is Sundeep Dhiman, followed by Kin Sing Realty Inc. and then Byron R. Goldman.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 297,614 square feet of built space are walkup buildings, with mixed-use buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Om Dhiman owned at least one commercial property with 24 residential units in New York City with 15,210 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.3 million in debt, borrowed from New York Community Bank. The portfolio consists of at least a single walkup property. It is located in Manhattan.

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