Looks like the foundation has been poured.
5/2
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I think 351 W 38th, the less abhorrent looking hotel, is a different project.
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I agree. The nicer one on 38th is most likely a different hotel. It has not started construcion yet afaik.
Here is 350w 39th though from a couple days ago
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Worse than expected. Kaufman outdoes himself again 
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NYC has too much of this.
This one doesn’t have its own thread although it looks decent. Site was busy when I passed by today. Its a shame Chang didn’t sell his adjacent site to these London guys.
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Sam Chang lands $160M rei for Hyatt Place hotel in Garment
Sam Chang’s McSam Group has landed a $160 million refinancing for an under-construction Hyatt Place hotel in the Garment District.
The new debt from Deutsche Bank at 350 West 39th Street replaces a $95 million debt package from Bank OZK – then known as Bank of the Ozarks – from 2017, and consists of a $32 million project loan, a $67 million building loan, and a $61 million senior loan, according to city records recorded on Monday.
The initial financing package McSam secured in 2017 also included $25 million in preferred equity from Square Mile Capital Management. OZK and Square Mile have co-financed a number of other Sam Chang projects, including a 526-key Chelsea hotel last year.
Representatives for Deutsche Bank could not be reached for comment.
McSam partnered with London-based private equity firm Quadrum Global in 2014 to acquire the through-lot between West 38th and 39th Streets for $112 million. The partners then subdivided the lot, formerly home to an advertising agency, with Quadrum planning a 25-story, 490-key hotel facing 38th Street, and Chang planning a 25-story, 520-key hotel on 39th Street.
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