Sam Chang to build 594-room Midtown West hotel

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

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
The ascendants: New leaders take the helm at city’s top brokerages
The ascendants: New leaders take the helm at city’s top brokerages
The ascendants: New leaders take the helm at city’s top brokerages
79 Clifton Place, 80-01 37th Avenue, 45 East Mosholu Parkway North (LoopNet, Google Maps)
Residential dealmakers storm city’s investment sales market
Residential dealmakers storm city’s investment sales market
Sam Chang unloads two hotels as selling spree continues
Sam Chang unloads two hotels as selling spree continues
Sam Chang unloads two hotels as selling spree continues
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap says it was the target of a cyber attack
Marcus & Millichap reports record-high quarterly revenue, earnings
Marcus & Millichap reports record-high quarterly revenue, earnings
Marcus & Millichap reports record-high quarterly revenue, earnings
Sam Chang and 525 Eighth Avenue
Sam Chang unloads Garment District hotel
Sam Chang unloads Garment District hotel
Bolivar Development's Peter Fine and 401 West 218 Street. (Google Maps)
10 biggest new project filings in NYC
10 biggest new project filings in NYC
338 West 39th Street and Sam Chang (Photo via Google Maps)
Sam Chang sells Garment District hotel site for $32M
Sam Chang sells Garment District hotel site for $32M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...