Sam Chang’s McSam Hotel Group through the entity Scipm East 24 LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $30 million for 1 parcel, including the tax class miscellaneous (H9) at 111 East 24th Street in Flatiron. The deal closed on March 18, 2020 and was recorded on March 19, 2020.
The property contains a total of 39,390 square feet of built space.
The average loan per buildable square foot is $762.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 130 hotel units on March 3, 2020.