The Real Deal New York

Sam Chang buys Holiday Inn Express ground lease

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

October 07, 2014 03:30PM

holiday-inn

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.

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

  • I really hate these types of Hotels.. They have been built all over the city with Cheap materials and poor design. They are interchangable with TD Banks, Drug Stores and the lot.. So Sad

    • Bullied and Damaged by Rent Re

      This doesn’t look any different from those Felix and Oscar apartment buildings all over the city.

      They can’t all be like Drew Lang’s Parc Hotel in Flushing. Every time we pass it, we just feel like it’s something out of a Zhang Yimou movie and the architect isn’t even Chinese apparently.

  • commercial observer

    congrats Adam Sforno and Louis Poupolo

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