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Frank Ng lands $60M loan for boutique hotel in Chelsea
Loan from Shanghai Commercial Bank is for 132 West 28th Street
Frank Ng, an importer-exporter based in New Jersey, has landed a $60 million loan for a hotel he is planning at 132 West 28th Street in Chelsea.
The money comes from Shanghai Commercial Bank and is split between a $43 million building loan and a $17 million project loan, according to the Commercial Observer. Ng filed plans for a 32-story, 203-key hotel on the site last July.
The building would stand 326 feet tall and feature about 96,000 square feet of commercial space and 31,000 square feet of residential space. Ng bought the property and several adjacent lots in 2007 for about $14 million and had tried to sell the assemblage in 2014.
His project will join several other boutique hotels in the neighborhood, including the Arlo NoMad at 11 East 31st Street and Ace Hotel of New York at 20 West 29th Street. [CO] – Eddie Small