Ivy Realty Acquires Garment District Hotel For $31.5M From McSam Hotel Group

Located in the Garment District, the hotel at 338 W. 39th St. has recently been sold for $31,500,000. The property, owned by McSam Hotel Group and operated by Pestana Hotels, offers a total area of 77,999 square feet, resulting in a price per square foot of $404. The transaction took place on 12/04/2020 and was facilitated by Sam Chang, the representative of the seller. The buyer in this deal is Ivy Realty, represented by Anthony P. DiTommaso. The hotel consists of 175 keys, making the price per key approximately $180,000. The previous sale price was $22.5 million, recorded on 02/15.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $31,500,000
• Address: 338 W. 39th St.
• Market: Garment District
• Operator: Pestana Hotels
• Square Footage: 77,999
• Price per Square Foot: $404
• Keys: 175
• Price per Key: $180,000

Sam Chang, the representative of McSam Hotel Group, acted as the seller in this transaction. On the other hand, Ivy Realty was represented by Anthony P. DiTommaso as the buyer. The deal marks a significant transaction in the Garment District, showcasing a successful collaboration between the involved parties.