McSam turns to McCondos

From the March issue: Sam Chang, who built his reputation as New York’s most prolific hotel developer, is gaining a stronger foothold in the affordable condo market. Following on the heels of his success in hotels, Chang’s plans to develop a recently purchased site on East 8th Street in Manhattan, as well as another 96-unit project in Queens, could help put him on the real estate map as a major player in a new arena. “We’re in a sluggish market right now,” said Alan Miller, a principal at Eastern Consolidated and broker on some of Chang’s biggest deals. “He’ll price them right, and he can blow them out the door.”