McSam sells FiDi lot for $60 million

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
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Douglas Elliman's Scott Durkin and Howard Lorber (Douglas Elliman, iStock)
Elliman says it will cover abortion-related travel
Elliman says it will cover abortion-related travel
Peloton's Barry McCarthy, Hudson Commons (Peleton, Hudson Commons, iStock)
Peloton resorts to sublease at Hudson Commons
Peloton resorts to sublease at Hudson Commons
Gov. Kathy Hochul (Photo by Sasha Maslov)
At REBNY gala, Hochul pledges to “support” real estate
At REBNY gala, Hochul pledges to “support” real estate
Times Square Old Navy at 1516 Broadway (LoopNet, iStock)
Times Square Old Navy to reopen after losing rent fight
Times Square Old Navy to reopen after losing rent fight
From left: Alice Technologies founder and CEO René Morkos; Join CEO Andrew Zukoski (LinkedIn/René Morkos, LinkedIn/ Andrew Zukoski, iStock)
Construction tech startups Alice, Join score new commitments
Construction tech startups Alice, Join score new commitments
arrow_forward_ios

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

Loading...