SAM CHANG , MCSAM INVESTOR TO SELL EAST VILLAGE HOSTEL
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 Manhassetbased 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 .
The city rejected the developers ’ plans to build a 10-story , Gene Kaufman-designed hotel on the site in 2011 , according to records cited by EV Grieve . [ EV Grieve ] and [ NYO ] - Mark Maurer