Hotel developer buys another west side site.

McSam Hotel, LLC has expanded its evergrowing presence on West 39tb Street with the recent acquisition of 337-341 West 39th Street for $14.5 million, on a block where it already owns several sites including the neighboring parcel.

Eastern Consolidated arranged the transaction bringing both the buyer and seller together. Alan P. Miller, director, along with Paul Albert Ramirez. associate director represented the seller, MRF Realty Corp., and Miller also procured the purchaser, whom he has represented in numerous transactions. Joe Genovese of Lee Odell Real Estate assisted Miller in the sale.

"The recent rezoning of this former parking lot to now allow double the FAR (floor-to-area ratio) represented a great opportunity for my client to expand its plans to construct a ground-up hotel in conjunction with the adjacent site at 343-345 West 39th Street, which it already owns," said Miller.

"My client, which is known for its impeccable track record of moving quickly on transactions, did not hesitate when presented with the opportunity to add to its portfolio of properties on West 39th Street."

Located on the north side of West 39tb Street between Eighth and Ninth Avenues, this 7,410 s/f parcel can be developed to accommodate up to 133,380 s/f of mixed-use buildable space.

Andrew W. Albstein, Esq., of Goldberg Weprin & Ustin, LLP represented the seller, while Brian G. Wrynn, Esq., general counsel of McSam Hotel, LLC acted in-house on behalf of the buyer.