The Real Deal New York

McSam sells FiDi lot for $60 million

April 17, 2008 06:12PM
By Adam Pincus

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Sam Chang, the city’s most prolific hotel developer, sold a Financial District lot for $60 million, far above the $17 million he paid for the parcel in January 2007, according to city records posted today.

The purchaser, Rhode Island hotel development company Magna Hospitality Group, went into contract in October and closed March 24 on the 6,800-square-foot vacant property at 8 Stone Street.

Chang had plans to develop the site as a 192-unit Doubletree Hotel, according to published reports. The city Department of Buildings Web site shows approved plans for a 43-story tower.

The deal follows reports that he his scaling back his development plans because of the credit crunch and as the hotel industry is showing signs of softening.

Last month, Chang’s McSam Hotel Group sold two Midtown hotel sites for $40 million to Magna Hospitality Group. Chang also sold the Comfort Inn at 305 West 39th Street to Gemini Real Estate Advisors for $24.64 million. 

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