McSam still buying properties

Hotelier Sam Chang has been busy selling development sites lately, but he’s still in the buying business. His McSam Hotel Group purchased two adjacent Financial District sites in mid-February, at 6 Water Street and 32-38 Pearl Street. He paid $56 million for the parcels, an eye-opening $448 per developable square foot. The 8,400-square-foot site is zoned for a maximum of 125,000 square feet of commercial or mixed-use space. A five-story building houses a McDonalds at the Water Street site, and a seven-story building with an Italian restaurant stands at the Pearl Street address. The sellers were Richard Breton, Stephen Meringoff and Jay Shidler.