Sam Chang Gobbles Up More FiDi Property

Prolific and sometimes reviled hotel developer Sam Chang, of the McSam Hotel Group, has been divesting himself of Lower Manhattan properties lately, unloading a Stone Street parking lot for a whopping $60 million and granting the Pussycat Lounge a stay of execution by selling the Greenwich Street building to the strip club's owner. It was thought that the credit crunch was hitting Chang hard, but the man is unpredictable, so he's gone back to the buyer's table. The Post's Lois Weiss reports today that Chang bought a pair of FiDi properties for a combined $56 million, though the deal was signed back in November. Bound for redevelopment are 6-12 Water Street, a five-story building now home to a classy looking McDonald's, and the seven-story loft building behind it, 32-38 Pearl Street. Does the Financial District really need another McSam hotel, what would be the 47 millionth planned in the next few years? Maybe, maybe not. We'll see if Chang flips this one, too.
· An Apple May Grow Downtown [NYP]
· Curbed's Sam Chang coverage [Curbed]

Filed under Manhattan: Financial District/Wall St/Battery Park City, 32-38 Pearl Street, 6 Water Street, Mcsam Hotel Group, Sam Chang

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