All States Capital Group pays $22.7M to McSam Hotel Group for 89-unit hotel in Hell’s Kitchen

All States Capital Group through the entity 548 W 48 LLC paid $22.7 million to McSam Hotel Group through the entity Sc 48 Member LLC for hotel (H3) at 548 West 48th Street in Hell’s Kitchen, Manhattan.
The deal closed on September 23, 2021 and was recorded on October 14, 2021.
The property has 28,540 square feet of built space and 1,707 square feet of additional air rights for a total buildable of 30,226 square feet according to PincusCo analysis of city data. The sale price per built square foot is $795 and the price per buildable square foot is $750 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for McSam Hotel Group was Sam Chang. The signatory for All States Capital Group was Hengjiang Mu.
(110298428)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 89 hotel units on March 26, 2013. (110298428) Plans for a 89-unit, 25,103 square-foot R-1 were filed on July 22, 2008 and were permitted on August 13, 2010.
Hengjiang Mu is the Co-Founder of All States Capital Group.

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