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Old Posted Jul 13, 2017, 11:28 PM
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chris08876 chris08876 is offline
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Smile NEW YORK | 132 West 28th Street | 326 FT | 32 FLOORS

New Jersey developer plans to build 32-story hotel in Chelsea



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New Jersey developer Frank Ng is planning to build a 32-story hotel at 132 West 28th Street in Chelsea.

According to a permit application filed with the Department of Buildings, Ng is looking to build a 203-key hotel. Plans call for 95,158 s/f of commercial space and 30,086 s/f of residential space. If approved as proposed, the tower would be 326 feet tall.

The planned structure will have eight rooms each between floors four to 17 and between floors 19 to 28. There will be three rooms on the 29th floor and four rooms on the third floor. Ng plans to install a hotel lounge and bar at the ground floor and a fitness center on the second floor. There will also be conference rooms and a club on the 30th floor.

The site previously contained a five-story rental property, according to StreetEasy. Ng bought the building under the name 28th Street Properties for $14.07 million in 2007.

The property was part of a West 28th Street assemblage that Ng put up for sale in 2014. The adjacent buildings, located at 132-144 West 28th Street between Sixth and Seventh Avenues, had an asking price of $120 million. Once it’s built, the property will be competing with the nearby Ace and NoMad hotels.
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Old Posted Mar 19, 2018, 5:18 AM
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Old Posted Jun 29, 2018, 9:49 PM
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Shanghai Commercial Bank Provides $60M Construction Package for Chelsea Hotel Project

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New Jersey-based investor Frank Ng has nabbed a $60 million package from Shanghai Commercial Bank to begin construction on his planned 32-story residential hotel at 132 West 28th Street in Chelsea, according to records filed today with the New York City Department of Finance.

The package includes a $43 million building loan and a $17 million project loan, property records show. Shanghai Commercial Bank Senior Vice President and Manager Timothy Chan, with Vice President Nim Chi Lau, signed the loan documents. The deal closed on May 31.

In July 2017, permits were filed with the New York City Department of Buildings to erect a 203-key, 326-foot-tall residential hotel with roughly 96,000 square feet of commercial space and 31,000 square feet of residential space. JWC Architects was listed in permits as the architect of record. Real Estate Weekly first reported on the permits for the planned development last year.

The project will house eight rooms on each floor between the fourth and 17th floors and between floors 19 through 28. The 29th floor will have three rooms and the third floor will have four.

The site has 240,000 square feet on which to build and the finished product will include a hotel lounge and bar at the ground floor, a fitness center on the second floor and conference rooms and a club on the 30th floor.

Ng acquired the property along with a number of adjacent lots in December 2007 for just over $14 million, property records show, and then later moved to sell the assemblage—located from 132-144 West 28th Street—in 2014. Eventually, the five-story, 15-unit apartment building previously at 132 West 28th Street was approved for demolition in April 2014.
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