Sam Chang sells Hudson Square lease to hotel investor for $50M
Sam Chang’s McSam Group has sold the lease on a development site in Hudson Square to Eagle Point Hotel Partners, a New-York based hotel investment firm, for just under $50 million, city records filed Feb. 20 show.
The development parcel — which covers lots at 2 Renwick Street, 231 Hudson Street and 503 Canal Street — is owned by Ponte Equities, which leased the land to McSam in July 2011. In collaboration with partner Barone Management and architect Gene Kaufman, McSam has been building a 160-room hotel at the site, for which it purchased air rights from Rosar Realty in October of last year. The hotel is slated to be completed in 2014.
The Pontes, who have managed to keep a low profile despite their enviable portfolio of prime Tribeca holdings, have recently been making moves in the market, as The Real Deal previously reported. Chang, who is known for building swiftly and selling equally as swiftly, recently unloaded a hotel development site in the Financial District to Jiten Hotel Management for $19 million, as The Real Dealpreviously reported.
Eagle Point co-founder Stephen Chan confirmed to The Real Deal that the deal closed in December, but declined to comment on the company’s specific plans for the hotel. Chang said that since he was in China, Barone Management orchestrated the transaction, and that he was not sure how much progress has been made with the construction.
“I’m out of the property,” he said.