Chang is building a 28-story building on the site that will span 106,827 square feet and include a 320-key Radisson hotel. He will use the loan to finalize construction on the building, according to the lender. Workers have already completed 20 stories of the building, and it should be finished within the year.
Chang bought the site’s ground lease in 2016 for $27.1 million.
Madison also recently loaned Chang $16.5 million for his 142-key hotel project at 38-04 11th Street in Long Island City. Chang is planning another Long Island City hotel at 38-39 9th Street with 324 rooms.
During the first quarter of 2018, average daily room rates in Manhattan grew for the first time since 2014, according to a recent PricewaterhouseCoopers report. That’s partly due to a shrinking pipeline of new rooms.