$91M Hudson Yards condo project ups debt to $34M from Shanghai Commercial

New World Art Center through the entity New Tent, LLC as borrower signed a loan agreement with lender Shanghai Commercial & Savings Bank, Ltd. valued at $34 million for 1 parcel, including the tax class light manufacturing building (F5) at 335 West 35th Street in Hudson Yards. The deal closed on November 24, 2020 and was recorded on January 28, 2021.
Ted Chen and others are redeveloping the building into 66 residential units with a total sellout of $90.8 million, according to information from the New York State Attorney General’s condo website.
The property contains a total of 73,106 square feet of built space.
The average loan per buildable square foot is $465.
The last time the property sold was July 28, 2016 for $50,000,000.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $3,343,950.

Direct link to Acris document. link
The signatories for the lender was Timothy Chan and Chiu Nam Wu.