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Sam Chang inks $112M deal for Garment District property
350 West 39th Street is currently home to advertising firm R/GA
Hotel developer Sam Chang has purchased the Garment District home of advertising agency R/GA for $112 million.
The purchase of 350 West 39th Street, located between Eighth and Ninth avenues, comes with the option to build up to 300,000 square feet, the Commercial Observer reported. Chang told the paper that he hadn’t settled on a use for the site, not said “it might be a residential and hotel combination” when asked about the prospects of new lodgings on the block.
Chang has been busy in Midtown of late. In May, he told The Real Deal that his McSam Hotel Group planned to open an 18-story, 80-room hotel on West 36th Street between Eighth and Ninth avenues. And earlier this month, Chang sold the Hilton Garden Inn Midtown East for $85.3 million less than a week after it opened.
R/GA founder Robert Greenberg sold the building in anticipation of the company’s planned exit from the property next year, the Observer reported. Robert Knakal of Massey Knakal Realty Services had been marketing the building. [NYO] – Tom DiChristopher