Highgate pays $35M to Rockefeller Group for hotel in Times Square

Hotel firm Highgate through the entity 157 West 47th Street Hotel Owner LP paid Rockefeller Group’s 157 West 47th Street TS Hotel LLC $34.6 million for 157 West 47th Street in Times Square. The deal closed on October 25, 2019, and was recorded on November 7, 2019.

This parcel is part of a broader zoning lot which Sam Chang’s McSam Hotel Group is buying with a total sale price expected to amount to $140 million, according to Crain’s, which reported on the sale of 150 West 48th Street, which is the address for the development site. Rockefeller Group assembled the site over several years. JLL’s Bob Knakal, Jonathan Hageman and Jeff Davis worked on the McSam purchase.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $75,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

CORRECTION: A previous version of this article identified McSam Hotel Group as  a buyer of this property. However, city records indicate Highgate is the buyer and that McSam Hotel will utilize available air rights from this building parcel for the construction of a hotel at 150 West 48th Street.