Sam Chang sells Hilton Garden Inn Midtown East for $85M

Sale to Hersha Hospitality comes less than a week after hotel on East 52nd Street opened

TRD New York /
Jun.June 04, 2014 08:30 AM

Less than a week after the opening of the Hilton Garden Inn Midtown East, developer Sam Chang closed on the sale of the 85,000-square-foot hotel for $85.3 million, according to property records filed with the city yesterday. 

Chang told The Real Deal the deal has been in contract with the buyer, Philadelphia-based real estate investment trust Hersha Hospitality Trust, for about two years. But the closing was set to be timed with the official launch of the 205-room, 28-story hotel, located at 206 East 52nd Street near Third Avenue.

Back in 2006, Chang, who runs Great Neck, N.Y.-based McSam Hotel Group, paid a mere $5.8 million for a vacant lot and proceeded to develop it, records show. Gene Kaufman, a frequent collaborator of Chang’s, served as the architect.

No brokers were involved in either side on the deal, Chang said.

A spokesperson for Hersha Hospitality Trust could not be immediately reached for comment. In February, Hersha sold Hotel 373 at 373 Fifth Avenue for $37 million, as previously reported.

Hersha has worked with Chang before, when the trust paid $28.7 million for 32 Pearl Street and $104.1 million for the stalled Hyatt Union Square hotel at 132 Fourth Avenue.


Related Articles

arrow_forward_ios
From left: GDSNY CEO Michael Kirchmann, 417 Park Avenue and Klövern CEO Rutger Arnhult (Credit: Google Maps)

GDS Development, Klövern buy Midtown East co-op for $184M

GDS Development, Klövern buy Midtown East co-op for $184M
575 Lexington Avenue (Credit: Google Maps, iStock)

Normandy looks to sell 575 Lex for more than $650M

Normandy looks to sell 575 Lex for more than $650M
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
Clockwise from left: 270 Park Avenue, 1-15 57th Avenue and 57-28 Second Street in Queens and 310 Hudson Street (credit: Wikipedia, Handel Architects, Google Maps)

Behold the largest projects of 2019

Behold the largest projects of 2019
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
arrow_forward_ios

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

Loading...