McSam Sells Garment District Development Site

Sam Chang’s McSam Hotel Group has sold 338 W. 39th St., an unfinished hotel project in the Garment District, for $31.5 million to an LLC linked to Ivy Realty for $31.5 million, Crain’s New York Business reported. The sale occurred amid New York City’s most challenging hotel market in recent history. Chang had purchased the site in early 2015 for $22.5 million, city records show.

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