Surjeet Kaur signs $23M refi loan with State Bank of Texas for new hotel in Jamaica

Surjeet Kaur through the entity 165 Investors LLC as borrower signed a refi loan with lender State Bank of Texas valued at $23 million for the new hotel at 165-20 Archer Avenue in Jamaica, Queens.
The deal closed on October 26, 2022 and was recorded on January 26, 2023. The property has 86,633 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $265 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 Surjeet Kaur was Surjeet Kaur. The signatory for State Bank of Texas was Melody Collins.

The property

The 165-20 Archer Avenue parcel has frontage of 117 feet and is 111 feet deep with a total lot size of 12,103 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $593,000. The most recent loan totaled $15 million and was provided by Harry Enterprise Inc on June 10, 2020.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 10, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Jamaica, the bulk, or 30 percent of the 28 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 15 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $349.4 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has 3.1 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 33 commercial properties representing 223,394 square feet of the 484,573 square feet. The largest owner is Arker Companies, followed by Long Island Rail Road and then Jurjeet Kaur.
There are no active new building construction projects on this tax block.

The majority, or 33 percent of the 381,549 square feet of built space are office buildings, with hotel buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Surjeet Kaur owned at least four commercial properties in New York City with 133,899 square feet and a city-determined market value of $18.6 million. (Market value is typically about 50% of actual value.) The portfolio has $67.5 million in debt, with top three lenders as Castellan Capital, Preferred Bank, and Axos Bank respectively. Within the portfolio, all identified are hotel properties. The bulk, or 72 percent of the built space, is in Queens, with Bronx next at 28 percent of the space.

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