150 West 48th Street.

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NEW YORK CITY- Hotelier Sam Changhas acquired an assemblage of development parcels with varying airrights and sizes at 148-166 West 48th St., formerly referred to as150 West 48th St, in Midtown Manhattan. Jones Lang LaSalle marketedthe property and arranged the transaction. 

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"150 West 48th Street is anextremely rare opportunity for a development of this magnitude inthe midst of Midtown Manhattan," Knakal said. "Combined with theflexible zoning regulations that allow a unique mixed-use project,this project promises to leave a lasting impression on thecity."

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The property is located betweenSixth and Seventh Avenues, offering 276,000 of buildable squarefeet, including transferred and acquired air rights after acollection of smaller older buildings occupying the site weredemolished and cleared.  

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Nearby the property is prominent attractions sure to draw foottraffic for whichever use the property is deemed, such asRockefeller Center, Central Park, Grand Central Terminal and TimesSquare. Transportation includes the N, R, W subway stop at 49thStreet and the B, D, F, M station at Rockefeller Center and the 1train two blocks away.

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In addition to Knakal, Senior Managing Directors Jeff Davis andJonathan Hageman, and Vice President Patrick Yannotta teamed up onthe transaction.

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.