[McSammers doing test drilling at 308 West 40th Street]
The man with some of the deepest pockets this side of Taipei, hotelier Sam Chang of the colorful McSam Hotel dynasty, has recently grabbed yet another development spot on what must now be the hoteliest block in town. 308 West 40th Street, a funky brick thing amidst a string of old-timey Times Square peep-o-ramas, now belongs to Chang and partners, registered under the name "RS 308 W 40, LLC". If all goes according to plan they will soon be bringing another batch of beds to booming Times Square. This latest McSam site is technically part of the Hudson Yards Special District, and under the applicable zoning regulations they can build higher there IF they "contribute" to the HYD Improvement Fund. And so Chang and friends have done just that. To the tune of $2 Million Bucks!!!.
[Hotels projects under development along W. 39th & W. 40th Streets]
For that chump change the Chang gang will get to build an additional 20,000 square feet of prime area guest rooms. Chang has six other hotel projects underway one street over on West 39th. No design awards there. And not problem-free, either. But LOTS of beds. No word yet on who Chang will choose as the architect for this latest addition to his empire. But bets are that the list is short. John Lam, a rival hotel deal-maker, has twin hotel projects rising at the west end of this same 40th Street block. And right next door to the Lam site two additional hotel plots are now being cleared for development. Which brings the total of new hotels in this one little area to ELEVEN. Chances are it won't be too long before someone makes that an even dozen. We can't wait for all these new hotels to open and for price wars to break out. Now THAT might offer visitors to NYC some affordable places to stay.
[NYC Department of Finance documents with some details of the deal]
[Next door to the new McSam site someone is looking to make a deal]
· More McSamming Down at 50 Trinity Place [Curbed]
· Downtown TowerWatch: Mr. Gehry, Meet Mr. McSam [Curbed]
· Sam Chang's City Takeover Continues Unabated [Curbed]
· Half a Billion for the West Side Seat of Controversy [Source]
· Dryvit Abounds Over Eighth Avenue [Curbed]
· CurbedWire: 8USS Reveals Itself, Cats are OK - Purrr [Curbed]
· McSam Goes All Sedate South of Union Square [Curbed]