Sandhu Group signs $17.5M refi loan with Crown Bank for hotel in Queens Village
Sandhu Group through the entity 218 St Ny LLC as borrower signed a refi loan with lender Crown Bank valued at $17.5 million for the hotel building (H3) at 95-10 218th Street in Queens Village, Queens.
The deal closed on November 30, 2022 and was recorded on December 14, 2022. The prior lender was Tideway Capital Group which held debt that had an original loan amount of $10.5 million. The property has 27,827 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $628 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 March 18, 2016, for $1.2 million. The signatory for Sandhu Group was Jaspinder Kaur Sandhu. The signatory for Crown Bank was Antonio J. Gato.
The property
The 95-10 218th St parcel has frontage of 60 feet and is 115 feet deep with a total lot size of 6,909 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.9 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $625 in ECB penalties and $3,300 in OATH penalties in the last year.
Development
On the lot, there is one new building project for a 68-unit, 21,261 square-foot R-1 building developed by Amritpal Sandhu with plans filed November 27, 2018 and permitted March 26, 2020.
The neighborhood
In Queens Village, the bulk, or 26 percent of the 4.9 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 24 percent of the space. In sales, Queens Village has the 28th highest sale turnover among other neighborhoods in Queens with $70.4 million in sales volume in the last two years. For development, Queens Village has had very little major development activity relative to other neighborhoods.It had 94,470 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of six of the 29 commercial properties representing 36,154 square feet of the 195,295 square feet. The largest owner is Remica Property Group, followed by Sergey Porotsky and then Riva M.
On the tax block, there was one new building construction project for a 68-unit, 21,261-square-foot R-1 building developed by Amritpal Sandhu with plans filed November 27, 2018 and permitted March 26, 2020.
The majority, or 39 percent of the 195,295 square feet of built space are retail buildings, with mixed-use buildings next occupying 25 percent of the space.
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