Developer will continue construction started by McSam Hotel Group
Magna Hospitality Group has acquired a Chelsea hotel project at 140 West 24th Street from Sam Chang’s McSam Hotel Group for $113 million. The M1-zoned site is located between Sixth and Seventh Avenues.
No change in plans… The buyer will continue the construction of a 510-key hotel, which will span 172,640 SF, according to TRD.
Worth Noting: The newly passed law requiring hotels in M1-zoned areas to undergo a full public review process does not apply in cases where construction has already begun.
Flashback: Chang paid $61 million for the site in October 2017.