292 Fifth Ave.
NEW YORK CITY — Sam Chang received a $76 million first lien construction loan for the development of a 21-story, 87,655 square-foot hotel at 292 Fifth Ave. The project is between 30th and 31st streets in NoMad's Koreatown. The plans are for an 182-key, upscale, boutique hotel with a restaurant. Chang is the owner and founder of McSam Hotel Group.
Robert Schwartz, co-founder of S3 Capital and Spruce Capital Partners, which is providing the loan, endorsed Chang's group for their strong track record of building high quality hotels in New York City. “We are also excited about the introduction of a new upscale hotel brand in NoMad given the strong demand for hotel rooms in that neighborhood,” he adds.
Since 1997, Chang has developed more than 75 properties, including hotels, residential properties and commercial properties. His hotels have been approved by franchise licenses by well known companies such as the Hilton Hotel Corporation, Hyatt Corporation, Marriott International and Choice Hotel Group.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
