Sam Chang, the largest hotel developer in New York City who has recently been selling parcels in Manhattan, bought a 56-unit hotel on Long Island for $5.6 million on April 16.
Chang’s McSam Hotel Group bought the 40-year-old, three-story Gold Coast Hotel at 1053 Northern Boulevard in Rosyln, located on a stretch near the Manhasset Miracle Mile.
Laurence Ross of Besen and Associates represented both the buyer and seller, Rosyln Motel LLC, in the transaction.
“The fact that it was $100,000 per key — he bought it at a pretty good price,” Ross said. “That allows him to reposition the hotel which has historically been an eyesore in the neighborhood.”
McSam sold a parcel in the Financial District for $60 million and three in Midtown for $64.86 million in March, part of a string of sales reportedly made in response to a softening economy and a credit squeeze.