Sam Chang to build 594-room Midtown West hotel

Developer bought parking garage site on West 40th Street for $26M in December

Sam Chang and 346 West 40th Street
Sam Chang and 346 West 40th Street

Developer Sam Chang plans to bring a 594-room hotel to the parking garage site at 346-354 West 40th Street that he purchased for $26.3 million in December.

Gene Kaufman, a regular collaborator of Chang’s, is serving as architect on the 35-story hotel project between Eighth and Ninth avenues, according to building permits filed today, as first cited by the blog New York Yimby. The cabin-like units will be no larger than 300 square feet apiece. Each floor would hold 18 rooms, and the structure spans 177,729 square feet in total.

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The Department of Buildings approved permits for the demolition of the parking garage in January.

Peach Parking Corporation held a triple-net lease on the six-story, 250-space garage that would have expired in February 2030. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Glen Kunofsky, all of Marcus & Millichap, collectively brokered the December deal.

Earlier this month, Chang sold 6-10 Water Street, also known as 12 Water Street, to Rhode Island-based Magna Hospitality Group for $44.3 million, as The Real Deal reported. [New York Yimby]Mark Maurer

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