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New York

Sam Chang to buy Midtown industrial building for $23M

Zoning allows for nearly 60K square feet at 12-story property

From left: 338-340 West 39th Street, Sam Chang and Bob Knakal
From left: 338-340 West 39th Street, Sam Chang and Bob Knakal

UPDATED, 1:40 p.m., Dec. 5: Hotel developer Sam Chang of McSam Hotel Group is in contract to buy a 12-story industrial building for $22.5 million.

The 45,717-square-foot property at 338-340 West 39th Street, between Eighth and Ninth avenues, is 90 percent occupied, the New York Observer reported. Zoning allows for a total of 59,244 square feet.

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Pennsylvania-based firm Caporal Company hired Bob Knakal of Massey Knakal Realty Services to market the Midtown property.

Chang confirmed to the paper that he is in contract for the site. He bought a neighboring building at 350 West 39th Street for $112 million, as previously reported. [NYO] — Mark Maurer

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Bob KnakalMassey Knakal Realty ServicesSam Chang