The Real Deal New York

Sam Chang to snag Midtown West lot for $30M-plus

By Mark Maurer | December 05, 2013 05:34PM

Veteran hotel developer Sam Chang is in contract to purchase a 10,000-square-foot Midtown West parking lot for north of $30 million, The Real Deal has learned.

The lot, which has 75,000 buildable square feet, appears to be 326-330 West 37th Street between Eighth and Ninth avenues, according to PropertyShark. Next door, the Albanese Organization is in contract to sell a 15-story loft office building at 320-324 West 37th Street to real estate investors Isaac Chetrit and Ray Yadidi, as The Real Deal reported Tuesday.

The deal is expected to close by next month, according to Joe Genovese of commercial brokerage Lee Odell Real Estate. The undisclosed seller declined to comment, he added.

The hotelier – whose Great Neck, N.Y.-based McSam Hotel Group is one of the city’s most prolific hospitality developers – said he has no development plans for the lot at this time.

“The market is turning around, so it’s time to buy something for future development,” Chang told The Real Deal.

In the spring, Chang filed plans for two ground-up Manhattan projects, his first such applications in four years. The proposals, filed in March and May respectively, called for a 29-story hotel with 231 rooms at 6 Water Street in Lower Manhattan, and a 17-story hotel with 209 rooms at 538 West 58th Street, between 10th and 11th avenues.

The 53-year-old Taiwan native told The Real Deal he plans to retire within the next year. His projects in the pipeline, therefore, have grown less complex.

“I’m very close to retirement,” Chang said. “I’m done.”

Correction: A previous version of this story incorrectly said the lot was believed to be 314-316 West 37th Street