Sam Chang's McSam Hotel Group Acquires Midtown Development Site For $140M
SOLD
$140,000,000
New York
See Similar DealsDevelopment Site15,565 SF
Sold 10/22/2019
SOLD
Sam Chang's McSam Hotel Group Acquires Midtown Development Site For $140M
150 W 48th St, New York, NY 10036, USA
See Similar DealsDevelopment Site15,565 SF
Sold 10/22/2019
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$8,994
Total Square Footage:15,565 SF
Transaction Type:Sale
A development site located at 150 W. 48th Street in Midtown has been sold in a closed transaction. The property, with a total square footage of 276,000, was purchased by Sam Chang of McSam Hotel Group for a price of $140,000,000. The asset type of this property is a development site with plans for a hotel.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $140,000,000
- Buyer: Sam Chang - McSam Hotel Group
- Seller: Rockefeller Group
- Address: 150 W. 48th Street, Midtown
Sam Chang, representing McSam Hotel Group, is the buyer in this transaction. The seller of the property is Rockefeller Group. It is important to note that Sam Chang mentioned his plans to wind down operations and retire next year in an interview with @WSJ.
Players
BROKERAGE
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,466,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$497,390.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$663,671.42
Annual Debt Service$7,964,057.10
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