search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHooman Nissani buys 8.5 acres in Playa Vista for $83M, plans massive mixed-use projectHooman Nissani buys 8.5 acres in Playa Vista for $83M, plans massive mixed-use projectMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loan
New York

Sam Chang buys Holiday Inn Express ground lease

Developer of 11-story property on West 48th Street had been paying rent

532-540 West 48th Street in Midtown (Inset: Sam Chang)
532-540 West 48th Street in Midtown (Inset: Sam Chang)

Hotel developer Sam Chang acquired the ground lease at the site of the Holiday Inn Express at 532-540 West 48th Street for $16.5 million.

Sign Up for the undefined Newsletter

The pension fund for UFCW Local 174, a union that represents food industry employees, sold the land underneath the property between 10th and 11th avenues, Crain’s reported. Chang opened the 177-room, 11-story hotel operated by InterContinental Hotels Group last year.

Prior to the sale, Chang of McSam Hotel Group paid rent under a 99-year ground lease. Douglas Elliman commercial brokers Adam Sforno and Louis Puopolo had the listing. [Crain’s] — Mark Maurer

Tags
Douglas EllimanHoliday InnSam Chang