Vipul Patel, partners sign $5.5M refi for hotel in Jamaica

Vipul Patel, Jai Patel, Krishna Mehta, Chandra Mehta, and Jagruti Patel through the entity Pride Hospitality LLC as borrower signed a refi loan with lender New Millennium Bank valued at $5.5 million for the hotel building (H4) at 139-09 Archer Avenue in Jamaica, Queens.
The deal closed on May 20, 2024 and was recorded on October 31, 2024. The prior lender was Series 2015-GC28 with servicer Rialto Capital Advisors which held debt that had an original loan amount of $7.5 million.The property has 27,340 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $201 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 October 27, 2011, for $700,000. The signatory for Vipul Patel, Jai Patel, Krishna Mehta, Chandra Mehta, and Jagruti Patel was Vipul Patel. The signatory for New Millennium Bank was Jay Zhu.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Vipul Patel, head officer and Jagruti Patel, officer. The business entity is Pride Hospitality Llc.

The property

The hotel building in Jamaica has 27,340 square feet of built space 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 5,010 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 $5.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties, three housing violations, and $1,250 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 25, 2013. 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 Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has 1.3 times the average sales volume among other neighborhoods with $322.3 million in sales volume in the last two years and is the 4th highest in Queens. For development, Jamaica has 1.9 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 31,123 square feet. It is a 38-unit, 31,123 square-foot residential (R-2) building submitted by Roy Moussaieff with plans filed November 2, 2022 and it has not been permitted yet.

The majority, or 61 percent of the 107,401 square feet of built space are hotel buildings, with industrial buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Jagruti Patel owned at least one commercial property with eight residential units in New York City with 16,537 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Bronx.
The PincusCo database currently indicates that Jai Patel owned at least one commercial property with eight residential units in New York City with 16,537 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Crown Bank. The portfolio consists of at least a single hotel property. It is located in Bronx.
The PincusCo database currently indicates that Vipul Patel owned at least one commercial property with one residential unit in New York City with 2,400 square feet and a city-determined market value of $440,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Brooklyn.

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