McSam Hotel sells stake in Hudson Yards hotel valued at $47.4M

The entity NY 8th Ave Investor LLC acquired an interest from Sam Chang of McSam Hotel Group valued at $47.4 million for a 70 percent stake in the 320-unit hotel (H2) at 523-529 Eighth Avenue in Hudson Yards, Manhattan.
The deal closed on June 16, 2021 and was recorded on June 25, 2021.
The property has 98,674 square feet of built space and 0 square feet of additional air rights for a total buildable of 74,540 square feet according to PincusCo analysis of city data. The sale price per built square foot is $480 per the PincusCo analysis.
The signatory for NY 8th Ave Investor LLC was Gregory A. Weingart.
(121191165)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 320 hotel units on December 5, 2019.
Chang transferred a 70 percent stake in the property, property records show. TRD reported in October of 2020 that McSam sold another hotel in Chelsea where Weingart was also the signatory for the buyer. The identity of the buyer, however, was unclear.
Within a 400-foot radius of 523-529 Eighth Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 19, 2020 for the $8.2 million renovation of the 62,632-square-foot commercial building with no residential units at 315 West 35th Street.
One of those eight items was a sale in which Watermark Lodging Trust bought the 102,824-square-foot hotel (H3) at 307 West 37th Street for $51.9 million from Carey Watermark on June 16, 2020.
Of those eight items, six were loans above $5 million totaling $287 million. The most recent of the six was Walter & Samuels which borrowed $20 million from Citibank secured by the 7,500-square-foot, eight-unit mixed-use building (K2) on 516 Eighth Avenue on June 10, 2021.

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