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Heena Hotel LLC - Khandu Patel 1031 Exchange Sam Chang 50 Trinity Place Hotel Site for $15 million

Hotel Real Estate News NYC

Heena Hotel LLC - Khandu Patel Acquired Sam Chang's 50 Trinity Place Hotel Site for $15 million with the 1031 Exchange Form the Holiday Inn New York City Midtown Hotel - 30-32 West 31st Street New York, NY 10001 Sold to Chesapeake Lodging Trust for $52 Million back in December 2011

Source:http://www.hotelsforsalenyc.com and http://www.rew-online.com/2012/02/09/hpny-sells-hotel-site/

Sam Chang’s McSam Hotel group has sold a vacant lot at 50 Trinity Place to a group of West Coast investors for $15 million in an off-market transaction.

The group of investors will take over a stalled plan to build a 197-room hotel on the 3,800 s/f lot, said Ivan Hakimian of HPNY, the broker who represented the buyer and the seller.

The plans have yet to be approved by the city, which means the buyer reserves the right to change them, Hakimian said, adding that a recent upswing in traffic and tourism makes the hotel propsal a much more viable option than it had been in the past.

“That area is going to thrive, especially with the 9/11 memorial down there,” Hakimian said. “The retail is going to pick up and I think there’s going to be more demand for hotel space.”