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Masterworks Development acquires 40 West 45th Street

Masterworks Development has acquired 40 West 45th Street from Sam Chang’s McSam Hotel Group for around $64 million. The Club Quarters Hotel spans 58,935 SF, and contains 142 rooms. 

  • Acquisition financing: The buyer secured a $36 million mortgage from M&T Bank to close the deal, according to TRD
  • Flashback: Chang paid $58.7 million for 13-story hotel in 2016. The property sits between Fifth and Sixth Avenues. 

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