McSam buys LI hotel

By Adam Pincus | April 21, 2008 12:12PM

Sam Chang, the largest hotel developer in New York City who has recently been selling parcels in Manhattan, bought a 56-unit hotel on Long Island for $5.6 million on April 16.

Chang’s McSam Hotel Group bought the 40-year-old, three-story Gold Coast Hotel at 1053 Northern Boulevard in Rosyln, located on a stretch near the Manhasset Miracle Mile.

Laurence Ross of Besen and Associates represented both the buyer and seller, Rosyln Motel LLC, in the transaction.

“The fact that it was $100,000 per key — he bought it at a pretty good price,” Ross said. “That allows him to reposition the hotel which has historically been an eyesore in the neighborhood.”

McSam sold a parcel in the Financial District for $60 million and three in Midtown for $64.86 million in March, part of a string of sales reportedly made in response to a softening economy and a credit squeeze.

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