The Real Deal New York

Chang unloading another stalled project site

July 20, 2011 01:32PM

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Sam Chang and 397-401 East 8th Street

An East Village development site where developer Sam Chang once planned to build a six-story residential condominium is back on the market for $5.2 million, according to EV Grieve. Chang’s McSam Hotel Group purchased the 4,324-square-foot vacant lot, at 397-401 East 8th Street, for $4.9 million site-unseen in 2007. A press release at the time described the deal as having been arranged “virtually in minutes over the telephone.” Four years later, Chang appears to be in the midst of a selling spree — he recently unloaded stalled hotel project sites in the Financial District and in Union Square, as well as his new Holiday Inn Express at 126 Water Street — and has enlisted Alan Miller and Paul Nigido of Eastern Consolidated as well as Lee Odell Real Estate to market this site, too. An announcement from Eastern says the L-shaped lot “could accommodate an 11-story, 25,955-square-foot building.” [EV Grieve]

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