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Strong demand for office space filled buildings new and old in Manhattan in the fourth quarter, driving the percentage of vacant space down to 10.2% from 10.6% a year ago, according to Avison Young's fourth quarter office report. Asking rents averaged $86.22 per square foot in fourth quarter.

December 18, 2020 Comments Off on McSam Sells Garment District Development Site Views: 555 Midtown New York, New York News

McSam Sells Garment District Development Site

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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.

Read more at Crain’s New York

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