McSam Group Buys Lower Manhattan Site For $56M
Tuesday May 27th, 2008 - 4:37PM
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NEW YORK—McSam Hotel Group, LLC, led by Sam Chang, has acquired a Lower Manhattan development site—6 Water Street (aka 32-38 Pearl St.)—for $56 million.
The site, on the southern tip of Manhattan, will house a 30- to 40-story boutique hotel.
The transaction was done by Eastern Consolidated. Chairman Peter Hauspurg, senior directors Alan Miller, Jeffrey Troy and Ronda Rogovin and director David Johnson represented the seller, Water and Pearl Land LLC/Water and Pearl Partners LLC, while Miller and Johnson procured the buyer.
Richard Breton owns 6 Water St. in conjunction with partners Stephen Meringoff and Jay Shidler.
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.