"Say what you want about Sam Chang," a developer once told us, in reference to the prolific hotel developer who now finds himself in a financial pickle. "But even when he messes up deals or properties, he just sells them and still makes money." And while the story of 8 Stone Street in the Financial District doesn't appear to be a Chang mess-up, he sure did make money! The property (a former parking lot, as seen in this 2005 photo from PropertyShark), was scheduled to become a 42-story Doubletree hotel developed by Chang's McSam Hotel Group. But now that Chang is a little cash-strapped, he's sold off the land to a Rhode Island hotel developer called Magna Hospitality Group, The Real Deal reports. The deal closed yesterday for $60 million. Sam Chang bought the property in January 2007 for $17 million. That's a $43 million flip for a chunk of FiDi pavement. Sam Chang, we begrudgingly salute you.
· McSam sells FiDi lot for $60 million [TRD]
· Sam Chang's McHotel Empire in a Bit of Trouble [Curbed]
· All Lower Manhattan Hotel Secrets Revealed! [Curbed]