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Discussion Starter · #1 ·
Just 2 months ago this block through site located just outside of the Hudson Yards district had been put in the market and is on the verge of going into contract. It can yield a tall tower that can be used for residential/ hotel.



Sale of R/GA’s Garment Center HQ Is Imminent
http://commercialobserver.com/2014/06/sale-of-rgas-garment-center-hq-is-imminent/

Global digital advertising agency R/GA‘s Garment Center building will soon be in contract, Commercial Observer has learned.
Mr. Knakal said he anticipates a contract will be signed within the next couple of weeks and the sale price will be “well north of $110 million.” He said that while part of the site falls within the Garment District, the zoning allows for a development to be all residential, all commercial or mixed-use
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according to property records. It is is a 300,000-square-foot, block-through development site near the Hudson Yards.
“For a deal of this size and if you believe you can build a 300,000-square-foot site, notwithstanding the Garment Center zoning, it should be a $150 million site,” said a source with knowledge of the market who asked for anonymity.
 

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Discussion Starter · #3 ·
Strap your seatbelts!!!

Sam Chang Signs $112M Deal for R/GA’s Garment Center HQ
http://commercialobserver.com/2014/06/sam-chang-signs-112m-deal-for-rgas-garment-center-hq/

Prolific hotelier Sam Chang of the McSam Hotel Group signed a $112 million deal this past Friday to purchase 350 West 39th Street

Mr. Chang said he doesn’t know yet what he wants to do with the site, which can accommodate a building of up to 300,000 square feet. When asked if he would erect a hotel, Mr. Chang replied: “It might be a residential and hotel combination. I don’t know yet.”
 

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Another bland, value-engineered box forthcoming then. Sam Chang (and by extension Kaufman) must really hate New York
 

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Discussion Starter · #6 ·
looks like Mr. Chang is looking to increase the size of his project.

Sam Chang in Contract for Site Next to R/GA Buy [Updated]
http://commercialobserver.com/2014/12/sam-chang-in-contract-for-site-next-to-rga-buy/

McSam Hotel Group‘s Sam Chang is in contract to buy the industrial loft building adjacent to global digital advertising agency R/GA‘s home, which the hotelier picked up a couple of months ago, Commercial Observer has learned.

Mr. Chang went into contract to purchase 338-340 West 39th Street between Eighth and Ninth Avenues. He is buying the 45,717-square-foot site, which includes a 90-percent occupied 12-story commercial building, for $22.5 million, according to a source with intimate knowledge of the deal.

Current zoning allows for development of approximately 59,244 square feet, according to marketing materials from Massey Knakal Realty Services. The site is being marketed by Robert Knakal of Massey Knakal. He could not be reached for comment. The owner is listed in property records as Caporal Company, a Pennsylvania limited partnership.

In October, Mr. Chang closed the $112 million purchase of the two-story, 20,000-square-foot 350 West 39th Street from Robert Greenberg, R/GA’s founder, chairman and CEO, as CO previously reported. Mr. Chang has the ability to build up to 300,000 square feet at this site.

R/GA is moving to 173,000 square feet on the entire 12th floor and part of the 11th floor at Brookfield Property Partners‘ Five Manhattan West at 450 West 33rd Street, as was previously reported.

Mr. Chang said the contract was signed in September.
 
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