April 28, 2015
Sam Chang, who YIMBY New York calls “Manhattan’s most prolific hotelier,” has set his sights on NoMad. According to YIMBY, the hospitality mogul has signed a 99-year triple-net lease for the lot at 111 East 24th Street, where he will build a new hotel. Chang pays $900,000 per year for the property. As chairman of the McSam Hotel Group, Chang has already built 25 hotels across the five boroughs.
Plans filed with the city show that the new hotel will be 13 stories tall, with 120 rooms spread out over a total of 38,000 square feet of space. The building will be designed by architect Gene Kaufman — a frequent partner of Chang’s.
NoMad has become a significant tourist destination in the city, and the hospitality industry is rising to the occasion. The Paul, a boutique hotel loosely centered around the iconic Beatle, opened its doors in February. Kaufman has another hotel in the works at 17 East 24th Street — the Prime Hotel, which promises to be the “quintessential New York hotel.” And of course, the Virgin Hotel is moving forward to a 2017 opening.
Chang has been flirting with retirement for years now, but it seems the siren call of NoMad property was just too good to resist.