Eastern Consolidated has arranged the long term net lease of 321 West 43rd Street and 322-326 West 44th Street, with developer Sam Chang of McSam Hotel Group and M&R Hotel Group partnering to acquire the block-through site for future hotel development.
Eastern Consolidated Vice Chairman Brian Ezratty and Director of Financial Services Scott Ellard exclusively represented the owner, Manhattan Parking Group, in the transaction, while Ezratty also procured the lessee.
The 35,400 s/f property sits between Eighth and Ninth Avenues and features more than 25 feet of frontage along 43rd street and 59 feet of frontage along West 44th street. The site is zoned for 35,428 s/f on 8,435 s/fof land, which is currently occupied by a commercial parking lot.
“The site is ideally situated within a few blocks of Times Square, Madison Square Garden, and Rockefeller Center, where there is tremendous demand for hotels,” Ezratty said.
“New York City and Midtown Manhattan in particular continue to be epicenters for tourism year-round, which makes this market prime for the hotelier’s expansion.”
The development site is within close proximity to all three major transportation hubs – Penn Station, Grand Central Station, and the Port Authority Bus Terminal – as well as the Theatre District, Restaurant Row, Macy’s Herald Square, the Empire State Building, and Bryant Park.
It’s adjacent to the 300,000 s/f Intercontinental Hotel, a site Ezratty sold to Tishman Hotels in 2007.
The landlord was represented by Sam Ross and Dov Brandstatter of Olshan, while Mr. Chang was represented by Brian Wrynn of McSam Hotel Group and Stephen P. Epstein of Jaspan Schlesinger.
This was the fourth ground lease that the team of Ezratty, Ross and Brandstatter have completed within the past year.
The others included 252-260 West 40th Street, 422-430 West 15th Street, and 111-115 East 24th St.