NEW YORK CITY—Investor Sam Chang's McSam Hotel Group has acquired 334-344 West 36th St. in the Garment District, owned and occupied by the Post Graduate Center for Mental Health, for over $50 million.
The deal was announced by Eastern Consolidated, which arranged the transaction. Eastern Consolidated's Brian Ezratty, vice chairman and principal, and Chad Sinsheimer, director, dealt with the seller in the transaction. Ezratty also procured the buyer.
The six-story property is situated between Eighth and Ninth avenues, and totals 58,634 square feet. The building is zoned for 123,440 buildable square feet and is located two blocks from Penn Station and Madison Square Garden.
“Mr. Chang was immediately attracted to this offering, which is well-positioned for hotel or residential conversion,” Ezratty says. “The property is a great addition to his growing portfolio in New York City and will complement the 10 hotels he has developed in Midtown West.”
Bryan Wynn of the McSam Hotel Group was the attorney for the buyer. Michael Lehmann of Manatt, Phelps & Phillips, LLP was the attorney for the seller.
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