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McSam Sells Garment District Development Site
Sam Chang’s McSam Hotel Group has sold 338 W. 39th St., an unfinished hotel project in the Garment District, for $31.5 million to an LLC linked to Ivy Realty for $31.5 million, Crain’s New York Business reported. The sale occurred amid New York City’s most challenging hotel market in recent history.
Chang had purchased the site in early 2015 for $22.5 million, city records show. Barone Management filed plans for a 25-story, 177-unit project at the address later in 2015, and the developer reportedly had nearly completed a Pestana Hotel on the site at the beginning of the year. However, the project is still unfinished.
Chang previously sold his Marriott project at 140 W. 28th St. in Chelsea to the Phoenix Hospitality Group in October for more than $147 million, Crain’s reported. He has established himself as one of the city’s most active hotel developers in recent years.
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- ◦Development
- ◦Sale/Acquisition
