Sam Chang’s Whitehouse Hotel in Contract for $12M



338 Bowery.
338 Bowery.

Sam Chang is selling Bowery’s Whitehouse Hotel and Hostel of New York, at 338 Bowery, and it is contract for $12 million, sources familiar with the deal told Commercial Observer. It wasn’t immediately clear who the buyer was.

SEE ALSO: Sam Chang Closes on $42.4M Purchase of 292 Fifth Avenue in Koreatown [Updated]

The prolific hotelier, affiliated with McSam Hotel Group, bought the property between Second and Third Streets for $7.8 million in 2007. A year later an affiliate of Mr. Chang’s sought to replace the four-story flophouse with a nine-story hotel.

Robert Khodadadian of Skyline Properties is the lone broker in the deal, sources said. He declined to comment.

Whitehouse Hotel is known for its international back-packing clientele and nightly $35-per-person rate. The hotel sits directly across the street from the Bowery Hotel.