McSam sells FiDi lot for $60 million

TRD New York /
Apr.April 17, 2008 06:12 PM

Sam Chang, the city’s most prolific hotel developer, sold a Financial District lot for $60 million, far above the $17 million he paid for the parcel in January 2007, according to city records posted today.

The purchaser, Rhode Island hotel development company Magna Hospitality Group, went into contract in October and closed March 24 on the 6,800-square-foot vacant property at 8 Stone Street.

Chang had plans to develop the site as a 192-unit Doubletree Hotel, according to published reports. The city Department of Buildings Web site shows approved plans for a 43-story tower.

The deal follows reports that he his scaling back his development plans because of the credit crunch and as the hotel industry is showing signs of softening.

Last month, Chang’s McSam Hotel Group sold two Midtown hotel sites for $40 million to Magna Hospitality Group. Chang also sold the Comfort Inn at 305 West 39th Street to Gemini Real Estate Advisors for $24.64 million. 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Lemonade CEO Daniel Schreiber (iStock)

Investors reward Lemonade with $3.8B valuation

Investors reward Lemonade with $3.8B valuation
Photo illustration of Gov. Andrew Cuomo, Judge C. Stephen Hackeling and Chief Justice Lawerence Marks (Getty, iStock)

Judge rules evictions guidance unconstitutional, moratorium invalid

Judge rules evictions guidance unconstitutional, moratorium invalid
Clockwise from top left: Barbara Askins of 125th Street BID, Dan Biederman of 34th Street Partnership and Jessica Lappin of Alliance for Downtown New York

Business leaders see trouble as homeless flock to Manhattan hotels

Business leaders see trouble as homeless flock to Manhattan hotels
Related chairman Stephen Ross and Related Companies Portfolio CEO Richard O’Toole withBronx Terminal Market and Time Warner Center (Getty, Google Maps, Wikipedia)

Related lays out $200M debt settlement plan for Tel Aviv bondholders

Related lays out $200M debt settlement plan for Tel Aviv bondholders
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...