Sam Chang's McSam Hotel Group Acquires Development Site In Midtown West For $24.5M

A development site located at 777 8th Avenue in Midtown West has been sold for $24,500,000. The property spans 50,000 square feet and was sold for a price of $490 per square foot. The transaction took place on October 16, 2019. The deal involved a 99-year ground lease.

Summary of transaction details

• Property Type: Development site
• Transaction Amount: $24,500,000
• Address: 777 8th Avenue, Midtown West
• Square Footage: 50,000
• Price per Square Foot: $490
• Terms: 99-year ground lease

The buyer in this transaction is Sam Chang, representing the McSam Hotel Group. The seller of the property is David Schwartz. The deal was facilitated by brokers Peter Carillo from HKS Real Estate Advisors, Ben Tapper from Lee & Associates, and Joseph Genovese from Lee Odell Real Estate.