The Real Deal New York

McSam flips Chelsea parcel to Port Authority for $30M

By Adam Pincus | August 07, 2008 02:10PM

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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