therealdeal.com – The Silvermintz family, along with the Savanna Real Estate Fund, accepted a $115 million loan from Deutsche Bank to finance construction at 540 West 26th Street in Chelsea.
The firms are planning a nine-story commercial building designed by Morris Adjmi at the site of the former West Chelsea art gallery. The 166,000-square-foot structure will contain galleries, offices and community facilities.
The international private school Avenues: The World School has already pre-leased 51 percent of the property, the New York Observer reported.
Categories: Real Estate