Sam Chang, whose McSam Hotel Group is currently building somewhere around 20 hotels around the city, is getting back into the condo game. Hooray! After giving up on the Brooklyn hotel scene and fighting it out in the Bronx, he's returning to where that McSam magic was first made?Alphabet City. Now, it goes against every fiber of our being to post a press release, but this is truly spectacular in so many ways:
In a deal that was transacted virtually in minutes over the telephone, with neither broker nor buyer having viewed the property, the land parcel at 397-401 East 8th Street just traded for $4.9 million to Sam Chang of McSam Hotel Group. As opposed to a hotel, McSam plans to construct a six-and-a-half-story residential condominium on the site, mimicking another residential condo he built years ago, also in the East Village, on the corner of Avenue D and East 5th Street, which sold out at warp speed.
Eastern Consolidated's Alan P. Miller, Senior Director, acted on behalf of the seller, Sam Obeid who owns and operates Key Food, while Eastern's Charlotte Fu, Associate, represented the buyer, Mr. Chang. "I saw the listing and immediately realized, given its location and its 4,313-square-foot size, that the parcel would be ideal for another McSam condo," said Ms. Fu.
According to Mr. Miller, the plot allows for approximately a 20,000-square-foot ground-up project.
"I called Sam Chang right away, and based on our track record in having transacted so many deals in the past, he trusted our judgment and asked us to quickly proceed with the acquisition," noted Ms. Fu. The whole thing took place so rapidly, that none of us even had an opportunity to view the site."
The Chang strikes quickly, like a cobra.
· Constructoporn Destructoporn: Sam Chang Edition [Curbed]
· Sam Chang to Pussycat Lounge: I Will Crush You [Curbed]
· McSam-O-Rama Mania in Midtown West [Curbed]