Sam Chang's McSam Hotel Group Acquires Development Site In Midtown West For $24.5M | 777 8th Avenue | Peter Ciriello, Ben Tapper, Joseph Genovesi | Development Site | Lease

Summary

Lease

NEW YORK

Development Site

50,000 sqft

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.

Players

All
4

Agents
3
Agencies
1

Peter Ciriello

Broker

$16.8M Sold

Ben Tapper

Senior Managing Director

$166.5M Sold

Joseph Genovesi

Lee & Associates

Details

Deal Summary

LEASED

IMAGE: Ben Tapper, Sam Chang, Peter Carillo DATE: 10/16/2019 ADDRESS: 777 8th Avenue MARKET: Midtown West ASSET TYPE: Development site PRICE: $24,500,000 SF: 50,000 PPSF: $490 TERMS: 99-year ground lease BUYER: Sam Chang - McSam Hotel Group SELLER: David Schwartz BROKER: Peter Carillo - HKS Real Estate Advisors, Ben Tapper - Lee & Associates & Joseph Genovese - Lee Odell Real Estate

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Address777 8th Avenue

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