Ramandeep Kaur borrows $5M from Newbank for property in Long Island City

Ramandeep Kaur through the entity Pawar Hospitality, LLC as borrower signed a loan agreement with lender Newbank valued at $5.0 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 38-23 28th Street in Long Island City. The deal closed on September 27, 2019 and was recorded on October 15, 2019.
The property contains a total of square feet of built space. The property has 8,285 square feet of available development rights.
The average loan per buildable square foot is $604.
The last time the property sold was August 9, 2017, for $2,825,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 9,903 square feet. Those plans include a total of 40 residential or hotel units. There have been 3 demolition projects filed over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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