07/25/08

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McSam sells unfinished Sheraton at 370 Canal St. for $83 million

370 Canal St.

Sam Chang's McSam Hotel Group has sold a Sheraton Hotel being built at 370 Canal Street to Magna Hospitality Group for $83.5 million, according to city records. The 20-story, 360-room hotel is slated to be completed this year. Concrete construction began last month. The deal is the second unfinished hotel that McSam has sold to Rhode Island-based Magna this month. It also sold 505-513 West 43rd Street, the site of a planned 198-room budget hotel, to Magna Hospitality Group for $42 million. That property, near 10th Avenue, was not due to be completed until mid-2009. Magna Hospitality Group manages some of Chang's New York hotels. The Department of Buildings issued three stop-work orders for the Canal Street project. TRD