Ivy Realty pays $31.5M to McSam Hotel for hotel in Hudson Yards

Ivy Realty through the entity Ivy 39th Street Property, LLC paid McSam Hotel Group’s 338 West 39th Street LLC $31.5 million for 338 West 39th Street in Hudson Yards. The deal closed on December 4, 2020 and was recorded on December 17, 2020. The transaction consists of 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) and containing 177 hotel units. The property is 77,999 square feet.
The sale price per unit is $177,966.

Sam Chang owned a 93 percent stake and Yung-Hsing Chou held a 7 percent stake.

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The signatory for the buyer or lender was Russell F. Warren, Jr.