Sam Chang's McSam Hotel Group Acquires Midtown Development Site For $140M

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.