McSam Hotel Group borrows $30M from Sterling National Bank for new hotel in Flatiron

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.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link