A hotel developer has bought a development site next to City Point at 436-438 Albee Square in Downtown Brooklyn for $9,100,000, said Massey Knakal, which handled the transaction. Public records list Albee Square Hotel LLC as the buyer of the 38-foot-by-115-foot lot. The seller was budget hotel king Sam Chang, who owns more than 40 chain hotels in the city, including Hilton Garden Inns, Hampton Inns and Holiday Inn Expresses. The three-story apartment building pictured above currently sits on the property.
The selling price shakes out to roughly $175 per buildable square foot on a site that allows for up to 52,391 square feet of development. Across the street, Albee Development has finished Phase 1 of City Point, a four-story commercial building with retailers that include Armani Exchange and Century 21. It’s currently working on Phase 2, which will include 600,000 square feet of retail and 630,000 square feet of residential space.
Last year, the same property changed hands for $3,000,000, and the building is rent stabilized, according to a Real Estate Weekly story published in May.