{"id":1004173028,"date":"2017-04-19T06:59:38","date_gmt":"2017-04-19T14:59:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004173028"},"modified":"2021-05-14T22:48:55","modified_gmt":"2021-05-15T06:48:55","slug":"mcsam-hotel-group-grabs-292-fifth-ave-raw-gem","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mcsam-hotel-group-grabs-292-fifth-ave-raw-gem\/","title":{"rendered":"McSam Hotel Group Grabs 292 Fifth Ave. Raw Gem"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004173031\" style=\"width: 345px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Capture3.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004173031\" data-attachment-id=\"1004173031\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mcsam-hotel-group-grabs-292-fifth-ave-raw-gem\/capture-88\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Capture3.png\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"292 Fifth Ave. in Manhattan\" data-image-description=\"&lt;p&gt;292 Fifth Ave. in Manhattan&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;292 Fifth Ave. in Manhattan&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Capture3.png?w=1000\" loading=\"lazy\" class=\" wp-image-1004173031\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Capture3.png\" alt=\"292 Fifth Ave. in Manhattan\" width=\"335\" height=\"251\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Capture3.png 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Capture3.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Capture3.png?resize=768,576 768w\" sizes=\"auto, (max-width: 335px) 100vw, 335px\" \/><\/a><p id=\"caption-attachment-1004173031\" class=\"wp-caption-text\">292 Fifth Ave. in Manhattan<\/p><\/div>\n<p>Cushman &amp; Wakefield recently announced the sale of 292 Fifth Ave. in the borough\u2019s NoMad district and according to public records, Sam Chang\u2019s McSam Hotel Group bought the site from BD Hotels for a reported $42.4 million. The sale was backed by a $26 million loan funded by Goldman Sachs. Cushman&#8217;s Robert Knakal, John Ciraulo, Jonathan Hageman, Craig Waggner and Patrick Yannotta brokered the sale on behalf of both parties.<\/p>\n<p>Situated on a 0.13-acre lot in the vicinity of Koreatown, the flexible location is blocks away from Empire State Building, Madison Square Park, Herald Square and Penn Station, within easy reach of several transportation options. It also offers a total of 69,223 square feet of buildable space, due to recent Inclusionary Housing Program designations.<\/p>\n<p>The site previously traded in 2013, when it comprised three properties that were later demolished. In accordance to building permit data, the plans included erecting a 57-000-square foot, 20-story construction. It was meant to encompass a 130-key hotel and approximately 12,000 square feet of residential space.<\/p>\n<p>Transaction-wise, things seem to have slowed down a bit in Manhattan, but <a href=\"https:\/\/www.commercialsearch.com\/news\/report-construction-costs-still-highest-in-nyc\/\">the Big Apple stays the most expensive city when it comes to new constructions<\/a>.<\/p>\n<p>\u201c<em>Recently we have seen a surge in development site activity citywide and this transaction demonstrates that positive trend. At $610 per buildable square foot for a hotel development site, this sale bodes well for the market moving forward,<\/em>\u201d Knakal, Cushman &amp; Wakefield\u2019s chair of\u00a0New York investment sales, said in prepared remarks. Sam Chang did not disclose any future plans regarding the recently acquired domain, although he is on a\u00a0building spree, with redevelopment plans for\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-spotlight-office-ally-yours\/\">9 &amp; 14 E. 39th St.<\/a> and\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/chang-kaufman-behind-new-hyatt-place-project-in-manhattan\/\">350 W. 39th St.<\/a><\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Developer and businessman Sam Chang acquired a vacant Manhattan site in a $42.4 million all-cash sale. Cushman &amp; Wakefield arranged the long-anticipated escrow.<\/p>\n","protected":false},"author":241,"featured_media":1004173031,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21751,21783,21752,1600,21742,10],"tags":[34908,34422,35018],"class_list":["post-1004173028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-hotel","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","tag-cushman-wakefeld","tag-mcsam-hotel-group","tag-sam-chang"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>McSam Hotel Group Grabs 292 Fifth Ave. Raw Gem - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mcsam-hotel-group-grabs-292-fifth-ave-raw-gem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"McSam Hotel Group Grabs 292 Fifth Ave. Raw Gem\" \/>\n<meta property=\"og:description\" content=\"Developer and businessman Sam Chang acquired a vacant Manhattan site in a $42.4 million all-cash sale. 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