Ranjana Chadha signs $8.2M refi loan with Preferred Bank for hotel in Highbridge
Ranjana Chadha through the entity Sedgwick Hotel Corp as borrower signed a refi loan with lender Preferred Bank valued at $8.2 million for the hotel building (H4) at 1300 Sedgwick Avenue in Highbridge, Bronx.
The deal closed on October 15, 2024 and was recorded on October 23, 2024. The prior lender was Bank of Princeton which held debt that had an original loan amount of $8.3 million.The property has 19,675 square feet of built space for a total buildable of 19,709 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $414 and the price per buildable square foot is $413 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 April 12, 2019, for $11 million. The signatory for Ranjana Chadha was Ranjana Chadha. The signatory for Preferred Bank was Sylvia Tseng.
The property
The hotel building in Highbridge has 19,675 square feet of built space for a total buildable of 19,709 square feet according to a PincusCo analysis of city data. The parcel has frontage of 217 feet and is 108 feet deep with a total lot size of 19,709 square feet. The lot is irregular. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $4.7 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 $7,000 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 neighborhood
In Highbridge, The majority, or 60 percent of the 12.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 26 percent of the space. In sales, Highbridge has the 19th highest sale turnover among other neighborhoods in Bronx with $68.1 million in sales volume in the last two years. For development, Highbridge has had very little major development activity relative to other neighborhoods.It had 753,358 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 42,720 square feet of the 119,302 square feet. The two identified owners are Robert Kahen and New York Police Department.
There are no active new building construction projects on this tax block.
The majority, or 48 percent of the 119,302 square feet of built space are hotel buildings, with elevator buildings next occupying 36 percent of the space.
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