Sam Chang, McSam investor to sell East Village hostel
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Plans have been filed to convert the four-story East Village hostel, the Whitehouse Hotel, into a nine-story hotel. At around the same time, the building, which is minority owned by hotel developer Sam Chang, is in contract to be sold to an undisclosed buyer.
Harry Shah, a majority owner associated with Manhasset-based Metro Sixteen Hotel LLC, and Chang are close to selling the property at 338 Bowery for $12 million. But, according to Department of Buildings records filed late last month, a proposed $5 million conversion would involve creating 68 rooms. Otte Architecture’s Michael Lisowski is listed on permits as the architect.
Shah, an investor in some of the development projects of Chang’s McSam Hotel Group, was originally a 50-50 owner of the hostel with Chang when acquiring it for $7.8 million in 2012, Chang told The Real Deal. Now, Chang estimates he owns no more than 20 percent interest in the company, while Shah owns the majority. Robert Khodadadian of Skyline Properties is the broker on the deal to sell the site.