New hotel project coming to Long Island City, owned by Sam Cheng’s McSam Hotel Group
Another hotel is being added to the already packed neighborhood of Long Island City. According to reports, McSam Hotel Group has purchased a site for $7.8 million, addressed at 38-04 11th Street. The idea is to build a hotel with 142 keys that will span 43,458 square feet. The plans are already approved and there is a foundation in place, too, which will enable Sam Chang’s company to start working there right away. The seller was Greenwich Street Equities.
Since 2010, 45 hotel projects were developed in Long Island City, making it the most popular neighborhoods in the outer boroughs for this kind of development. LIC will soon be the home of the largest hotel outside Manhattan: the Toyoko Inn is coming to the neighborhood and it will include 1,260 rooms distributed among 50 stories.
So far, this is the only hotel project of Chang’s in LIC. Nevertheless, the developer has several projects on the way: a hotel in Chelsea is the most important. This project will span 175,640 square feet and will be addressed at 140-146 West 24th Street. [The Real Deal]