Sandhu Group signs $15.8M refi with Tideway Capital for hotel dev site in Jamaica

Sandhu Group through the entity Liberty Tuck NY LLC as borrower signed a refi loan with lender Tideway Capital Group through the entity Tideway Capital Funding LLC valued at $15.8 million for three properties including the development site (V1) at 150-28 Liberty Avenue in Jamaica, Queens, development site (V1) at 150-30 Liberty Avenue in Jamaica, Queens, and industrial (G7) at 104-16 Tuckerton Street in Jamaica, Queens.
The deal closed on September 15, 2021 and was recorded on October 7, 2021.

There was a new building permit issued on June 30, 2021 for a 59,145-square-foot hotel (R-1) building with 96 hotel units at 104-16 Tuckerton Street.
The three properties have 0 square feet of built space and 47,910 square feet of additional air rights for a total buildable of 47,910 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $329 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 signatory for Sandhu Group was Tejpal Sandhu.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There have been 2 demolition projects filed over the past five years. The demolition included 3 residential units.
Tejpal Sandhu is the CEO of the Sandhu Group.

Direct link to Acris document. link