Sam Chang’s McSam Hotel Group borrows $35M from Goldman Sachs for LIC hotel construction

Sam Chang’s McSam Hotel Group through the entity 9th Street QB Hotel LLC as borrower signed a loan agreement with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $34.7 million for 1 parcel, including the tax class miscellaneous manufacturing building (F9) at 38-37 9th Street in Long Island City. The deal closed on March 13, 2020 and was recorded on March 20, 2020.
The property contains a total of 166,660 square feet of built space.
The average loan per buildable square foot is $208.
This new construction loan is composed of a $24.4 million building loan and a $12.4 million project loan.The last time the property sold was June 8, 2018, for $10,150,000.

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 has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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