Sam Chang’s McSam Hotel Group has signed a 99-year ground lease at the Schwartz family’s 777 Eighth Avenue. The site allows for the development of 50,000 SF, and is located between West 47th and West 48th Streets. Asking rent for the 15,000 SF property was reportedly $1.4 million a year, according to CO who first reported the news.
- Plans: McSam Hotel Group is planning to build a 200-key hotel on the site. There are 51,300 SF in available air rights from adjacent lots at 771 8th Avenue and 307 West 47th Street. It’s unclear if Chang has signed deals for them yet.
- Very brief retirement: This marks Chang’s second deal in the past week. The developer acquired a vacant development site at 150 West 48th Street from Rockefeller Group for $140 million. McSam is planning to build a 276,000 SF hotel on the lot.