The Real Deal New York

Sam Chang to build 594-room Midtown West hotel

Developer bought parking garage site on West 40th Street for $26M in December
March 26, 2014 11:15AM

Developer Sam Chang plans to bring a 594-room hotel to the parking garage site at 346-354 West 40th Street that he purchased for $26.3 million in December.

Gene Kaufman, a regular collaborator of Chang’s, is serving as architect on the 35-story hotel project between Eighth and Ninth avenues, according to building permits filed today, as first cited by the blog New York Yimby. The cabin-like units will be no larger than 300 square feet apiece. Each floor would hold 18 rooms, and the structure spans 177,729 square feet in total.

The Department of Buildings approved permits for the demolition of the parking garage in January.

Peach Parking Corporation held a triple-net lease on the six-story, 250-space garage that would have expired in February 2030. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Glen Kunofsky, all of Marcus & Millichap, collectively brokered the December deal.

Earlier this month, Chang sold 6-10 Water Street, also known as 12 Water Street, to Rhode Island-based Magna Hospitality Group for $44.3 million, as The Real Deal reported. [New York Yimby]Mark Maurer