McSam still buying properties

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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.  

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