The Real Deal New York

Sam Chang picks up $8M site for another hotel

January 31, 2014 05:05PM

Hotel developer Sam Chang appears to be gathering steam, adding an $8.25 million building buy to hotel plans filed last May and the purchase of a $26.5 million site last month.

Chang acquired the five-story 11 West 37th Street, the New York Observer reported, which will be delivered vacant and converted by Chang’s McSam Hotel Group. The site, located between Fifth and Sixth avenues, also has 14,675 square feet of air rights that are unused for the moment, and 25,000 buildable square feet.

“As we began the marketing process, Sam stuck his hand up way above where we expected the market to be,” David Schechtman of Eastern Consolidated, who brokered the sale for seller Elvee Rosenberg Inc, told the Observer. “He made a healthy offer on excellent terms and was able to execute very quickly.”

Chang, who picked up a $26.5 million garage site at 346 West 40th Street in December that he plans to turn into a hotel, was not immediately available for comment, the Observer reported. In May of last year he filed his first new hotel plans in four years for a 209-room establishment at 538 West 58th Street, between 10th and 11th avenues. [NYO]Julie Strickland