The Real Deal New York

Sam Chang unloads FiDi building to hotel management company for $19M

January 07, 2013 06:00PM
By Zachary Kussin

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From left: Sam Chang and 98 Greenwich Street

Hotel developer Sam Chang has sold a five-story, 22,600-square-foot mixed-use building in the Financial District for $19 million, according to public records filed with the city today. Located at 98 Greenwich Street between Rector and Carlisle streets, the site sits behind a Holiday Inn property that Chang is reportedly developing at 99 Washington Street. The Holiday Inn, slated to be 50 stories tall, will be the hotel chain’s tallest property.

The deed identifies the purchaser as Jiten Hotel Management, a Massachusetts-based hotel management company that runs locations of Comfort Suites, Fairfield Inn & Suites and Courtyard by Marriott in New York, Georgia, Massachusetts, New Hampshire and Rhode Island.

The site is slated for the development of a 24-story, 180-room boutique hotel, measuring roughly 70,000 square feet, according to previous reports.

Alan Miller and Paul Nigido of Eastern Consolidated, as well as Joe Genovese of Lee Odell Real Estate, originally had the listing for the property, which was priced at $17 million as of this past spring, according to previous reports. However, the team stopped marketing the site in the early fall, Miller confirmed to The Real Deal. It was not immediately clear who brokered the sale.

The deed shows the sale entered contract on Oct. 1, 2012 and closed on Dec. 19, 2012.

Calls to Nigido, Genovese, Chang’s McSam Hotel Group and Jiten were not immediately returned.

  • http://www.hotelschoolsearch.com/ hotel management

    19 million for just the land?

  • http://www.hotelschoolsearch.com/ hotel management

    That is quite a deal. Pretty big hotel being put there too, you will need a lot of staff there to accommodate all those guests.

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