The Real Deal New York

Sam Chang plans 13-story Flatiron hotel project

120-key property to rise on parking lot site at 111 East 24th

March 25, 2015 03:40PM

Sam Chang NYC

Sam Chang and 111 East 24th Street

UPDATED, 5:30 p.m., March 25: Sam Chang plans to build a 13-story hotel in the Flatiron District, according to permits filed with the city today.

The 140-foot-tall structure would rise on the site of a parking lot at 111 East 24th Street, between Park South and Lexington Avenue, according to New York YIMBY. Chang, who runs Great Neck-based McSam Hotel Group, wants to build a roughly 38,400-square-foot hotel with 120 rooms. Plans call for 10 rooms apiece on floors two through 13.

Gene Kaufman, a regular Chang collaborator, is serving as the architect of record. Champion Parking now leases the parking lot.

Chang acquired the 99-year triple-net lease on the property at an annual rent of $900,000 in November. [NY YIMBY]Mark Maurer

  • Industry Insider

    Good thing Freddy sold his apartment before this went up! LOL

    • Guest

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  • ashkenazispeculator

    The NNN lease is $900,000 per year, not $90,000.

  • BH

    do they need a hotel in Flatiron?

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