Sam Chang’s McSam Hotel Group pays $139M to Rockefeller Development for development site in Times Square

Sam Chang’s McSam Hotel Group through the entity Tmhcr 48th Street LLC paid Rockefeller Development’s Rg-South Development LLC $138.8 million for 150 West 48th Street, 156 West 48th Street, 160 West 48th Street, 162 West 48th Street, 166 West 48th Street in Times Square. The deal closed on December 18, 2019, and was recorded on January 2, 2020. The transaction consists of 5 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1).

Chang will use a portion of the air rights from a neighboring hotel Highgate purchased for $35 million from Rockefeller in October for the new development.  JLL’s Bob Knakal and Jonathan Hageman brokered the sale. McSam recently inked a ground lease with Solil Management valued at $25 million.

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 300,216 square feet. Those plans include a total of 974 residential or hotel units.
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