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Sam Chang and a 2007 rendering of 33 Beekman Street
Sam Chang’s McSam Hotel Group has unloaded a distressed Financial District development site where it had been planning a 36-story, Gene Kaufman-designed hotel, marking the third New York City project the developer has sold off in the past three months, according to city records made public today.
The site, at 33 Beekman Street, sits across the street from Frank Gehry’s brand-new 8 Spruce Street rental tower and traded June 15 for roughly $15.7 million — around 29 percent less than the $22 million McSam paid to acquire it in early 2007, public records indicate. A lis pendens was filed against the $19.9 million mortgage McSam held there in September 2010.
Kaufman’s plans had called for a 36-story, 270-room hotel that would have been the first four-star hotel in Lower Manhattan had it opened in 2009, as originally proposed. The red-and-yellow building was supposed to feature exterior glass elevators, four floors of amenities and meeting rooms, and a public plaza. … [more]