Hotelier Buys Assemblage of Midtown Development Parcels
Hotelier Sam Chang has acquired an assemblage of development parcels with varying air rights and sizes at 148-166 West 48th St., formerly referred to as 150 West 48th St, in Midtown Manhattan.
NEW YORK CITY- Hotelier Sam Chang has acquired an assemblage of development parcels with varying air rights and sizes at 148-166 West 48th St., formerly referred to as 150 West 48th St, in Midtown Manhattan. Jones Lang LaSalle marketed the property and arranged the transaction.
“150 West 48th Street is an extremely rare opportunity for a development of this magnitude in the midst of Midtown Manhattan,” Knakal said. “Combined with the flexible zoning regulations that allow a unique mixed-use project, this project promises to leave a lasting impression on the city.”
The property is located between Sixth and Seventh Avenues, offering 276,000 of buildable square feet, including transferred and acquired air rights after a collection of smaller older buildings occupying the site were demolished and cleared.
Nearby the property is prominent attractions sure to draw foot traffic for whichever use the property is deemed, such as Rockefeller Center, Central Park, Grand Central Terminal and Times Square. Transportation includes the N, R, W subway stop at 49th Street and the B, D, F, M station at Rockefeller Center and the 1 train two blocks away.
In addition to Knakal, Senior Managing Directors Jeff Davis and Jonathan Hageman, and Vice President Patrick Yannotta teamed up on the transaction.