Weinberg Properties has received a $65 million construction loan from a Shanghai-based bank to develop a new office building in Chelsea. Provided by Shanghai Commercial Bank, the funding will be used to construct a 49,000 square foot building at 534 West 25th Street. The eight story building will also include gallery space and a library. The project recently got the green light from the city’s Department of Buildings for the demolition of an existing one story building, which was formerly home to Pace Gallery. Weinberg has owned the property since 1980.
