Seema Vaid signs $37M refi for hotel, retail in Lower East Side

Seema Vaid through the entity The Downtown LLC as borrower signed a refi loan with lender Bank of America at $37 million for four properties in the Lower East Side, Manhattan, with 11 residential units including the Hotel on Rivington building (H2) at 107 Rivington Street, the retail building (K4) at 105 Rivington Street, and the three-unit mixed-use building (S9) at 121 Essex Street.
The deal closed on May 6, 2026 and was recorded on May 15, 2026. The prior lender was was the trust Series 2016-GC37 serviced by Trimont which held debt that had an original loan amount of $36.5 million. The four properties have 76,514 square feet of built space and 3,492 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $483 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 Seema Vaid was Seema Vaid. The signatory for Bank of America was Kathleen Flock .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 107 Rivington Street.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Raizada Vaid, head officer and Jeff Hentze, officer. The business entity is The Downtown LLC. The four properties with a total of 76,514 square feet of built space generated revenue of $10 million per year or $131 per square foot.

The property

The hotel building in Lower East Side has 76,514 square feet of built space and 3,492 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,084 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $19.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $800 in ECB penalties and $1,675 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 Lower East Side, The majority, or 51 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has 1.5 times the average sales volume among other neighborhoods with $528 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Lower East Side has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 107 Rivington Street, PincusCo has identified the owners of 14 of the 40 commercial properties representing 177,437 square feet of the 606,079 square feet. The largest owner is Delshah Capital, followed by Baruch Singer and then Mordehy Haber.
There are no active new building construction projects on this tax block.

The majority, or 33 percent of the 606,079 square feet of built space are walkup buildings, with specialty buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Seema Vaid owned at least one commercial property with two residential units in New York City with 3,717 square feet and a PincusCo-determined asset value of $4 million. The portfolio consists of at least a single mixed-use property.

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