The Real Deal New York

Posts Tagged ‘Sam Chang’

  • Councilman Jumaane Williams

    Councilman Jumaane Williams

    The phrase “as-of-right” may soon lose its meaning in New York hotel development. The New York City Council is considering giving local community boards a say in the construction of new hotels and hotel apartments, even if a developer has as-of-right permission to build a project.

    The legislation was introduced March 12 by Councilman Jumaane Williams, who represents Brooklyn’s District 45 and chairs the Council’s Committee on Housing and Buldings, with the support of colleagues Margaret Chin, Corey Johnson, Peter Koo, Ritchie Torres and Helen Rosenthal. [more]

  • chang-337-west-36th

    337 West 36th Street and Sam Chang

    The McSam Hotel Group is looking to build an 18-story, 80-room hotel – either a Comfort Inn or a Days Inn – in Midtown West, company head Sam Chang confirmed to The Real Deal.

    Chang’s partner Dun Zhang at McSam filed plans with the Department of Buildings late last week to demolish the four-story, 9,500-square-foot warehouse currently on the site at 337 West 36th Street, between Eighth and Ninth avenues. [more]

  • chang-west-40th

    Sam Chang and 346 West 40th Street

    Developer Sam Chang plans to bring a 594-room hotel to the parking garage site at 346-354 West 40th Street that he purchased for $26.3 million in December.

    Gene Kaufman, a regular collaborator of Chang’s, is serving as architect on the 35-story hotel project between Eighth and Ninth avenues, according to building permits filed today, as first cited by the blog New York Yimby. The cabin-like units will be no larger than 300 square feet apiece. [more]

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  • chang-magna

    From left: 12 Water Street, Magna CEO Robert Indeglia and Sam Chang

    Veteran developer Sam Chang has passed up the opportunity to build a hotel on the site of a five-story commercial building in Lower Manhattan. Chang sold the property to Rhode Island-based Magna Hospitality Group for $44.3 million on Friday, he confirmed to The Real Deal, and subsequently filed plans to demolish it yesterday. [more]

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  • From left: Sam Chang and 11 West 37th Street

    From left: Sam Chang and 11 West 37th Street

    Hotel developer Sam Chang appears to be gathering steam, adding an $8.25 million building buy to hotel plans filed last May and the purchase of a $26.5 million site last month.

    Chang acquired the five-story 11 West 37th Street, the New York Observer reported, which will be delivered vacant and converted by Chang’s McSam Hotel Group. The site, located between Fifth and Sixth avenues, also has 14,675 square feet of air rights that are unused for the moment, and 25,000 buildable square feet. [more]

  • From left:

    Dr. Ruth Westheimer, Jed Walentas and Sam Chang

    From the January issue: In this month’s in their words feature, we hear from Two Trees’ Jed Walentas on the intelligence and riches of people who attend REBNY board meetings. Sam Chang of McSam Group also says he’s close to retirement. Lastly, sex therapist Dr. Ruth Westheimer speaks on how her husband’s concerns didn’t halt her from buying her Washington Heights apartment when it went co-op. See more here.

  • 326-West-37th-Street

    326 West 37th Street

    A 22-story hotel is rising on the Garment District parking lot site that developer Sam Chang is in contract to buy.

    Architect Gene Kaufman will design the 88,860-square-foot, 257-foot-tall building, to be located at 326 West 37th Street between Eighth and Ninth avenues, according to Department of Buildings documents filed today. There will be 240 rooms, a fitness center and a restaurant. [more]

  • chang-garage

    From left: 346 West 40th Street, Haym Gross’ proposed rendering and Sam Chang

    Although he claims he is in the twilight of his career, prolific hotel developer Sam Chang is continuing a string of purchases. Most recently, he paid $26.5 million for a 53,172-square-foot parking garage late last week, in order to build a hotel, he confirmed to The Real Deal. [more]

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  • sam-chang

    Sam Chang

    Veteran hotel developer Sam Chang is in contract to purchase a 10,000-square-foot Midtown West parking lot for north of $30 million, The Real Deal has learned.

    The lot, which has 75,000 buildable square feet, appears to be 326-330 West 37th Street between Eighth and Ninth avenues, according to PropertyShark. Next door, the Albanese Organization is in contract to sell a 15-story loft office building at 320-324 West 37th Street to real estate investors Isaac Chetrit and Ray Yadidi, as The Real Deal reported Tuesday. [more]

  • planet-fitness-sheraton

    From left: Sheraton at 370 Canal Street, and Planet Fitness

    Planet Fitness signed a 15-year lease for 15,700 square feet on the lower level of the Magna Hospitality Group’s Sheraton Hotel in Tribeca, according to Newmark Grubb Knight Frank, which represented the owner in the deal. [more]

  • From left: Sam Chang,

    From left: Sam Chang, 538 West 58th Street and 6 Water Street (Building photos: PropertyShark)

    Is Sam Chang getting back in the game? In recent weeks, his company, McSam Hotel Group — one of the city’s most prolific hotel developers — filed plans for two ground-up Manhattan projects, his first such applications since 2009. [more]

  • From left: Sam Chang and John Lam

    Hotel developers would be forced to get a special permit for any project in Midtown East if a push by a labor union succeeds, Crain’s reported.

    The New York Hotel Trades Council, which represents hospitality workers, wants the city to include the special permit provision in its Midtown East rezoning plan so that non-union hotels can’t come in to the area. [more]

  • 2 Renwick Street and Sam Chang (inset)

    Sam Chang’s McSam Group has sold the lease on a development site in Hudson Square to Eagle Point Hotel Partners, a New-York based hotel investment firm, for just under $50 million, city records filed Feb. 20 show.  [more]

  • 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. [more]

  • Sam Chang

    Two organizers for the construction laborers union were indicted on charges of inciting a riot and unlawful assembly, the New York Times reported. Robert James and Dennis Lee are accused of the crimes in connection with a protest outside a nonunion construction site at a hotel rising on 36th Street last September.

    The indictment is the culmination of a six-year battle between unions and Cava Construction, which is owned by a Carmine Della Cava, reputed to be a member of the Genovese crime family. [more]

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    From left: Comptroller John Liu and McSam Hotel Group CEO Sam Chang
    Just as investigators from the U.S. Attorney’s office have been probing campaign contributions to Comptroller John Liu, the New York Post has found connections between at least $29,600 worth of donations and boutique hotelier Sam Chang.

    Liu’s campaign has been under investigation, and fund-raiser Xing Wu Pan was arrested for allegedly using straw donors to hide contributions that exceeded the $4,950 limit mandated by city laws.

    Records show Chang donated $800 July 1. One employee of the McSam Hotel Group donated $800 in June and six more employees of the McSam Hotel Group each donated $800 July 9. … [more]


  • 32 Pearl Street (Source: Propertyshark) and Sam Chang

    Hotel developer Sam Chang has sold property at 32 Pearl Street in
    Lower Manhattan to Hersha Hospitality Trust for $28.7 million, Real
    Estate Weekly reported. He had bought the lowrise, along with the
    adjacent 6 Water Street, for $56 million in 2008. The small buildings
    remained standing even though Chang initially planned a tall hotel at
    the site. Ashish Parikh, CFO of Pennsylvania-based
    Hersha, told REW that it plans to build an 81-room Hampton Inn at 32
    Pearl Street and is not buying 6 Water Street. But Hersha does not
    intend to tear the property down, and instead plans a rehabilitation and converstion by adding additional floors to the seven-story
    building. … [more]


  • 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. [more]

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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]


  • From left: Jay Shah, CEO of Hersha Hospitality, a 2010 rendering of the Hyatt Union Square and Sam Chang of McSam Hotel Group

    [Updated 10:54 a.m., June 30, with comments from Ashish Parikh, Hersha’s CFO]

    Hersha Hospitality Trust said it agreed to buy the stalled Hyatt Union Square hotel in Manhattan for $104.1 million, or $595,000 per key, from McSam Hotel Group.

    The hotel, at 132 Fourth Avenue, between 12th and 13th streets, was originally conceived as a Gene Kaufman-designed hotel for developer Sam Chang, president and CEO of McSam Hotel Group, but was delayed for several years amid a partial stop work order and other construction related problems.  
    Philadelphia-based Hersha said it will pay $36 million in cash, cancel a $10 million mezzanine loan that it made to the seller, plus interest, and assume two mortgage loans valued at $55 million. Hersha said the deal will close once construction is completed adding that it will not assume any construction or cost overrun risk as part of the deal.