Sam Chang to build 594-room Midtown West hotel

Developer bought parking garage site on West 40th Street for $26M in December

TRD New York /
Mar.March 26, 2014 11:15 AM

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


Related Articles

arrow_forward_ios
Sam Chang and 40 West 45th Street (Credit: Google Maps and iStock)

Sam Chang can now purchase 160 elite racing pigeons

Sam Chang with 62 Mulberry Street in Manhattan and 37-30 Review Avenue in Long Island City (Credit: Google Maps)

Here’s what the $10M-$20M NYC investment sales market looked like last week

441 Ocean Avenue and 1745 Caton Avenue in Brooklyn (Credit: Google Maps)

Meridian Properties buys pair of
rent-stabilized buildings for $35M

Institutional buyer bags North Jersey apartment complex for $59M

Sam Chang (Credit: Chang via Alchetron; iStock)

Budget hotel developer Sam Chang is retiring — to focus on pigeon racing

A rendering of 338 West 36th Street and McSam Hotel Group chairman Sam Chang

Magna Hospitality picks up Sam Chang’s Garment District hotel for $274M

Sam Chang lands $160M rei for Hyatt Place hotel in Garment

Sam Chang in contract to sell Garment District hotel

arrow_forward_ios