Sam Chang, McSam investor to sell East Village hostel

Plans also filed to convert it to a 68-room, nine-story hotel

TRD New York /
May.May 05, 2014 09:05 AM

Plans have been filed to convert the four-story East Village hostel, the Whitehouse Hotel, into a nine-story hotel. At around the same time, the building, which is minority owned by hotel developer Sam Chang, is in contract to be sold to an undisclosed buyer.

Harry Shah, a majority owner associated with Manhasset-based Metro Sixteen Hotel LLC, and Chang are close to selling the property at 338 Bowery for $12 million. But, according to Department of Buildings records filed late last month, a proposed $5 million conversion would involve creating 68 rooms. Otte Architecture’s Michael Lisowski is listed on permits as the architect.

Shah, an investor in some of the development projects of Chang’s McSam Hotel Group, was originally a 50-50 owner of the hostel with Chang when acquiring it for $7.8 million in 2012, Chang told The Real Deal. Now, Chang estimates he owns no more than 20 percent interest in the company, while Shah owns the majority. Robert Khodadadian of Skyline Properties is the broker on the deal to sell the site.

The city rejected the developers’ plans to build a 10-story, Gene Kaufman-designed hotel on the site in 2011, according to records cited by EV Grieve. [EV Grieve] and [NYO]Mark Maurer


Related Articles

arrow_forward_ios
Scott Rechler and clockwise from top left: 2455-2457 Third Avenue, 150 West 48th Street and 42-11 9th Street (Credit: Google Maps, Getty Images)

RXR’s Long Island City development was the biggest new project filed in December

RXR’s Long Island City development was the biggest new project filed in December
150 West 48th Street and Sam Chang (Credit: Google Maps and iStock)

What retirement? Sam Chang files plans for Midtown hotel

What retirement? Sam Chang files plans for Midtown hotel
A rendering of 450 11th Avenue with David Marx of Marx Development Group (left) and 350 West 39th Street with Sam Chang (Credit: DSM Design Group and Gene Kaufman Architect)

Manhattan’s biggest hotel project this year? It’s a tie

Manhattan’s biggest hotel project this year? It’s a tie
Sam Chang and 150 West 48th Street (Credit: Google Maps)

Sam Chang lands $250M loan for Midtown hotel project

Sam Chang lands $250M loan for Midtown hotel project
From left: Sam Chang, 52 William Street and New York Hotel & Motel Trades Council's Peter Ward (Credit: Google Maps)

Cuomo goes after Sam Chang as union drama unfolds

Cuomo goes after Sam Chang as union drama unfolds
Sam Chang and 40 West 45th Street (Credit: Google Maps)

Sam Chang hit with $2M suit over Club Quarters hotels

Sam Chang hit with $2M suit over Club Quarters hotels
Sam Chang and 40 West 45th Street (Credit: Google Maps and iStock)

Sam Chang can now purchase 160 elite racing pigeons

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

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

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

Loading...