NEW YORK | 338-350 W. 39th St. | 221 + 192 FT | 25 + 21 FLOORS

[chris08876]

New Hyatt Place Hotel At 350 West 39th Street Tops Out, Midtown Manhattan

Developed by New York hotelier Sam Chang, a new 180,000-square-foot Hyatt Place has officially topped-out, yielding one of the largest hospitality developments in the Garment District and Times Square neighborhoods of Midtown, Manhattan.

The 25-story Hyatt Place will offer 518 guest rooms and just under 7,000 square feet of dining areas, including an indoor restaurant, a backyard eatery, and a ground floor bar/lounge. Lower-level amenity areas include a fitness center, a business center and private meeting space.

Gene Kaufman Architect, frequent collaborator of Sam Chang’s McSam Hotel Group, is credited as architect, with Paul Vega of VLDG Inc. at the helm of interior design.

As previously reported by YIMBY, the McSam Hotel Group scooped up the block-through site for $112 million in 2014 including the assembling of additional air rights.

Nine additional hotels located on the same stretch of West 39th and 40th Streets between 8th and 9th Avenues have been designed by Gene Kaufman. Hyatt Place establishes a 10th outpost for the architect in the neighborhood, with the sum total of his work now resulting in 3,000 guest rooms and 1,000,000 square feet of hotel space.

========================
NYY

[chris08876]

This thing is terrible.


Credit: JC_Heights

[NYer34]

Chang and Kaufman are the two most dangerous individuals to New York City. They need to be stopped.

[chris08876]

A friend of mine who graduated from NJIT works for Sam Chang unfortunately. He's a cool guy from what he tells me. Likes to party in Flushing and spends a couple of g's on bottle service and girls for his employees. So working for Chang has its perks.

But some of the work coming out of his company is not good.

But something about Chang is how he conducts business. Clients will get top of the line service, and presentation, meaning lets discuss business at a penthouse full of drinks or rent the upper floor of a building and bring in the food and drinks and women.
That we have to respect.

[NYer34]

Let's hope Sam Chang has a female accuser step forward, a la Harvey Weinstein. Being accused of sexual harassment seems to be the only thing that can discredit someone these days. That may finally spare New Yorkers further hits to our built environment and quality of life thanks to Sam Chang.

[chris08876]

Sam Chang lands $160M rei for Hyatt Place hotel in Garment

Sam Chang’s McSam Group has landed a $160 million refinancing for an under-construction Hyatt Place hotel in the Garment District.

The new debt from Deutsche Bank at 350 West 39th Street replaces a $95 million debt package from Bank OZK – then known as Bank of the Ozarks – from 2017, and consists of a $32 million project loan, a $67 million building loan, and a $61 million senior loan, according to city records recorded on Monday.

The initial financing package McSam secured in 2017 also included $25 million in preferred equity from Square Mile Capital Management. OZK and Square Mile have co-financed a number of other Sam Chang projects, including a 526-key Chelsea hotel last year.

Representatives for Deutsche Bank could not be reached for comment.

McSam partnered with London-based private equity firm Quadrum Global in 2014 to acquire the through-lot between West 38th and 39th Streets for $112 million. The partners then subdivided the lot, formerly home to an advertising agency, with Quadrum planning a 25-story, 490-key hotel facing 38th Street, and Chang planning a 25-story, 520-key hotel on 39th Street.

==========
TRD

[Busy Bee]

This guy is an absolute menace. I could only dream of the ability to have such an impact on the cityscape, and he squanders it time and time and time and time again. What a sad spectacle.

[NYer34]

He should be tried in The Hague. Truly a menace to every NYC resident's quality of life.

[tdawg]

He and Gene Kaufman should be run out of town.