Metropolitan Bank has provided a $21.5 million construction loan for the development of a charter school in Elmhurst, Queens, Commercial Observer has learned. The school, at 45-20 83rd Street, is pre-leased to The Renaissance Charter Schooland being developed by Barone Management. It will eventually house 1,053 students.
Ivy Realty has acquired a hotel at 338 West 39th Street in the Garment District from Sam Chang’s McSam Hotel Group for $31.5 million, Crain’s reported. The 175-key hotel spans 59,244 SF, and was originally scheduled to open for business this year, but the pandemic has likely changed those plans. Worth Noting: The development was branded under Pestana’s lifestyle hospitality flag CR7, a partnership with soccer star Cristiano Ronaldo. Barone appears to have been partner: Chang paid $22.4 million for the 50-foot-wide site in 2015, which originally housed a 12-story factory buil...