Sam Chang will pay $32M for pair of Midtown East buildings

A 20-story Hyatt hotel with full-service restaurant is planned

TRD New York /
Feb.February 17, 2016 10:00 AM

Details have emerged on hospitality magnate Sam Chang’s plans for a 20-story hotel in Midtown East.

The McSam Hotel Group boss is scheduled to close on 14 And 16 East 39th Street for $31.6 million. The vacant properties — acquired from Midtown-based ClearRock Properties and Stamford, Conn.-based Juster Properties — will be demolished to make way for a 20-story Hyatt Hotel.

The 12-story, 93,700-square-foot building 16 East 39th Street has 25 feet of Frontage On East 39th Street, the New York Observer reported. The three-story, 7,400-square-foot commercial townhouse next door at 14 East 39th Street comes with 22,000 square feet of air rights.

In January, Chang filed permit applications for a 162-key hotel at the site, as The Real Deal reported.

The new hotel and full-service restaurant will span more 66,000 square feet and be designed by Gene Kaufman, according to the permit application filed with the city. The top floor will house a lounge area while the cellar would be used as a dining space and exercise room. The hotel is slated to be completed in three years, Chang told the Observer.

Cushman & Wakefield’s Robert Knakal is negotiating the new deal for both sides.

ClearRock and Juster Properties paid $29 million for the buildings in 2013, which were part of a portfolio of office properties Yeshiva University sold for $87 million.

Chang filed plans last year for two Garment District hotels — a 25-story, 175-key project at 338 West 39th Street and a 21-story, 400-key development at 350 West 39th Street — as well as a 13-story hotel at 111 East 24th Street in the Flatiron District. [NYO]Dusica Sue Malesevic


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
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
Sam Chang (Credit: Chang via Alchetron; iStock)

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

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

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

Loading...