Surjeet Kaur borrows $13M from Axos Bank for new hotel in Long Island City

Surjeet Kaur through the entity 39th Avenue Hospitality LLC as borrower signed a loan agreement with lender Axos Bank valued at $12.6 million for a new hotel at 23-07 39th Avenue in Long Island City. The deal closed on November 14, 2019 and was recorded on January 23, 2020.
There has been one new building permit application totaling 37,305 square feet. Those plans include a total of 96 hotel units. The developers filed for its initial temporary certificate of occupancy in September 2019.
The average loan per buildable square foot is $333.
The Axos loan replaces a $12 million loan from Charles Scharf and Willy Beer’s TPG Funding, a division of the Battery Group. The last time the property sold was January 10, 2018, for $4,075,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $100,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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