McSam flips Chelsea parcel to Port Authority for $30M
August 07, 2008 02:08PM By Adam Pincus
431 West 33rd Street
Sam Chang's McSam Hotel Group sold a 7,406-square-foot Chelsea parcel for $30 million to the Port Authority of New York and New Jersey, six months after buying it for $24 million.
The Port Authority bought the vacant parcel next to the entrance to the Midtown Tunnel at 431 West 33rd Street on July 26 from a Chang entity called SCW West, according to city records published today.
SCW West bought the parcel in January for $24 million, city records show.
Chang, president and chief executive officer of McSam Hotel Group, has been active in the real estate market this year, unloading several hotel projects under construction and buying other parcels.
A stop work order exists on the property, where the city disapproved plans for a 26-story hotel, according to the Department of Buildings Web site.
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Comments
Anonymous
unreal
Comment #1 Posted By: Anonymous 08/07/08
Anonymous
can someone comment on the contract dates. I know last time The Real Deal did an article on Sam doubling his investment they failed to mention that he bought air-right, got plans approved and most likely had financing and hotel flag agreements.
Comment #2 Posted By: Anonymous 08/07/08
Anonymous
How does he do it? What's his secret? How does he keep finding these properties that flip so well?
Comment #3 Posted By: Anonymous 08/07/08
Anonymous
Correction: This parcel is not next the entrance to "the midtown tunnel".
Comment #4 Posted By: Anonymous 08/08/08