Peachtree Hotel buys $26.5M note secured by Sharma Development’s Nomad hotel

Peachtree Hotel Group through the entity Pdof Dnp3 Q1 21 NYC, LLC bought a note with an original principal of $26.5 million from People’s United Bank secured by Sharma Development Group’s new construction Paul Hotel (H3) at 32 West 29th Street in Nomad, Manhattan.
The deal closed on June 22, 2021 and was recorded on July 27, 2021.
The property has 50,150 square feet of built space and 0 square feet of additional air rights for a total buildable of 43,510 square feet according to a PincusCo analysis of city data.
The owner bought the property on 20-Jun-08, for $15.1 million.
(110062128)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 122 hotel units on January 29, 2015. (110062128) Plans for a 122-unit hotel J-1 were filed on January 7, 2008 and were permitted on July 2, 2013.
The Paul Hotel is operated by CEO Joginder Sharma. Peachtree Hotel Group is based in Atlanta.
Within a 400-foot radius of 32 West 29th Street, Pincusco identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, four were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.6 million, one permit with a total initial cost of $700,000 and two initial temporary certificate of occupancy issuances for projects that initially cost $550,800. The most recent of these four items was the temporary certificate of occupancy on October 16, 2020 for a 24,295-square-foot office B building at 1204 Broadway.
One of those 12 items was a sale which Vanbarton Group bought the development site (V1) on 11 West 29th Street and eight other properties for $161 million from HFZ Capital Group on June 17, 2021.
Of those 12 items, seven were loans above $5 million totaling $421.3 million. The most recent of the seven was Hyang Ja Lee which borrowed $5.9 million from Hanmi Bank secured by the 25,974-square-foot, 15-unit office building (O5) on 45 West 29th Street on July 9, 2021.

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