Sam Chang’s McSam Hotel Group inks 99-year lease near Times Square valued at $25M with Jane Goldman’s Solil Management

By Adam Pincus

Sam Chang of the McSam Hotel Group signed a 99-year ground lease with Jane Goldman’s Solil Management valued at $25.2 million for the parking lot turned hotel development site at 223 West 46th Street near Times Square.
Chang signed the lease on March 14, 2019, and rent became due at that time, but the lease did not became effective until May 31, and it runs for 99 years.
Chang filed plans to build a 21-story hotel with 159 keys in June. The building is expected to have 48,726 square feet.
The deal closed on May 31, 2019, and was recorded on October 17, 2019. The transaction consists of 1 parcel, including the tax class licensed parking lot (G6). Chang’s legal entity in the transaction is SCLB 46th Street LLC and Goldman’s is 223 West 46th Street LLC.

Solil, which is also known as the estate of Sol Goldman, rarely sells property and occasionally signs long-term leases, for example a 99-year lease with Extell Development for several parcels including 516 East 14th Street and with Jeff Sutton at 313 West 125th Street, where they signed a 49-year lease. Sol Goldman, founder of Solil, purchased the lot in 1981 for $800,000, city records show.

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 new building permit application totaling 48,726 square feet. Those plans include a total of 159 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.