The Real Deal New York

Sam Chang three-pack tops February sales

March 26, 2010 12:24PM
By Adam Pincus


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Hotel developer Sam Chang’s $164.5 million sale of a three-pack of hotels at 337, 339 and 343 West 39th Street in Times Square to Hersha Hospitality Trust was the largest commercial transaction to close in February, data from PropertyShark.com shows.

The second largest was the $110 million sale by an affiliate of developer Heritage Partners at 415 Greenwich Street of three commercial and 31 residential units at the 66-unit condominium conversion project in Tribeca, to an affiliate of California-based real estate investment firm KBS Capital Advisors.

The next two largest sales were commercial units. In the first, an affiliate of Avenue Capital Group sold four retail condo units at the 115-unit condo conversion Avonova at 219 West 81st Street to an affiliate of Madison Capital for $26.5 million. In the other, an affiliate of the developer World-Wide Group sold three retail condos at 255 East 74th Street to an affiliate of the Related Companies for $25 million.

The fifth largest sale to close in February was the bulk sale of 65 residential condo units, again at the Avonova, for $18 million, by an affiliate of Avenue Capital Group to an affiliate of Aby Rosen’s RFR Holding, city property records show.

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