McSam Hotel Group Acquires Development Site In Long Island City For $10.15M

The development site located at 38-47 9th Street in Long Island City, New York has been sold for a price of $10,150,000. The property, which is zoned M1-3, spans a total of 112,210 square feet. With a price per square foot (PPBSF) of 90, this transaction represents a significant investment opportunity.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $10,150,000
• Address: 38-47 9th Street, Long Island City, New York
• Market: Long Island City
• Zoning: M1-3
• BSF: 112,210
• PPBSF: 90

The seller of the property was Hamil Stratten Properties LLC, an affiliate of Broadway Stages, specifically represented by Gina Argento. On the other hand, the buyer of the development site was McSam Hotel Group, led by Sam Chang. It is worth noting that the transaction involved the following individuals: Niko Berdzeni and Dan Shapiro, who were involved alongside Sam Chang in the deal.