The Real Deal New York

Chang sells Chelsea hotel for $39M

By Adam Pincus | November 12, 2008 11:48AM

Hotel developer Sam Chang of the McSam Hotel Group and a partner sold their newly opened Wyndham Garden Hotel Manhattan Chelsea West, for $39.06 million, according to property records published today. The buyer was Gemini Real Estate Advisors, a real estate firm based in Manhattan.

The 17-story hotel with 124 rooms — the first Wyndham in New York City — opened last week at 37 West 24th Street, a hotel employee said.

The transfer was planned to occur once the hotel opened, McSam Hotel Group COO Gary Wisinski said in an email.

The sale went into contract May 2006, and was finalized November 4, the property records indicate.

Gemini owns several hotels in New York City, including a Howard Johnson at 135 East Houston Street at Forsyth Street and the Comfort Inn Midtown West at 442 West 36th Street between Ninth and Tenth avenues.

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