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

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

Wendy Silverstein (Credit: Getty Images)

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

Struggling cannabis retailer MedMen dumps REIT stake

Struggling cannabis retailer MedMen dumps REIT stake

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Charles Kushner and 229 West 43rd Street (Credit: Getty Images)

Kushner Cos needs loan workout as Times Square tenants tank

Merchants Hospitality's Abraham Merchant and Adam Hochfelder with the Playboy Club (Credit: Getty Images, Playboy Club NYC)

Merchants scrambles to fill void after breakup with Playboy

A $2.5B litmus test for the Century City luxury market

A $2.5B litmus test for the Century City luxury market

arrow_forward_ios