Weinberg Properties pulled off a $65 million construction loan from a Shanghai-based bank for a new office building in Chelsea.
Shanghai Commercial Bank provided the loan, which will help pay for the construction of a roughly 49,000-square-foot building at 534 West 25th Street, documents filed with the city on Monday show. The developer plans to build an eight-story office building on the property, which will also include gallery space and a library.
The city’s Department of Buildings recently approved Weinberg’s application to demolish the existing one-story building, which was formerly home to Pace Gallery. Weinberg has owned the property since at least 1980, but city records don’t indicate what the company paid for it.
The construction loan comes as Chinese investors increasingly pour money into commercial real estate in New York City. According to recent CrediFi data, Asian banks originated roughly 20 percent of the debt in the city’s commercial real estate market since 2015. In March, Shanghai Commercial Bank provided the Lam Group with a $222 million construction loan for its new Virgin Hotel in NoMad.
In October, The Real Deal profiled the founders of four major Chinese firms that have invested in New York City real estate.