Olshan Leads Two Different Clients in Development Ground Leases With Hotelier Sam Chang
Two separate Olshan clients recently ground leased two separate New York properties to hotelier Sam Chang’s McSam Hotel Group, both to be developed into McSam’s newest hotels. The Commercial Observer reported that Manhattan Parking Group has ground leased a 35,400-square-foot through-block site at 322-326 West 44th Street between Eighth and Ninth Avenues in a 99-year triple-net lease. Separately, Law360 reported on the second deal with an unrelated client which included a 99-year triple-net lease for a parking lot on East 24th Street. McSam is planning a 100-room hotel on the 6,000 square foot site. GlobeSt.com reported on both deals, recognizing Olshan Real Estate Law attorneys Samuel Ross and Dov Brandstatter as counsel to both ground lessors.