Slate Property Group Buys Sam Chang’s Financial District Hotel for $95M

Retiring hotelier Sam Chang has offloaded yet another one of his New York City hotels.

This time, Slate Property Group bought the 289-key Radisson Hotel New York Wall Street at 52 William Street in the Financial District from Chang’s McSam Hotel Group and Andrew Roufail for $94.5 million, according to city records made public Monday.

Slate’s Stephen Krausman signed for the buyer, which used the entity 52 William Street Propco, while Roufail signed for the sellers, which used the entity SCCQ Downtown, records show.

It’s unclear who brokered the deal. Spokespeople for Slate and McSam did not immediately respond to requests for comment, while Roufail could not be reached for comment.

Chang bought the 119,467-square-foot hotel on the corner of William and Pine streets in January 2017 for $93.5 million, when the property was part of the Club Quarters Hotels chain, according to PincusCo., which first reported the sale.

As part of his ongoing retirement process, Chang has offloaded several properties in the past two years, including two recent hotel sales in Long Island City, Queens. In December 2023, the developer sold three Midtown hotels along Fifth Avenue for more than $200 million, The Real Deal reported.

While Chang is certainly selling off many of his hotels, he’s still also been active in new hotel developments since announcing his retirement in 2019. In February 2023, he even secured $35 million in financing to build a new hotel at 223 West 46th Street in Times Square, CO reported.

But Slate Property Group has been busy in New York City developments as well.

In September, the company provided $135 million in construction financing for Beitel Group to build a pair of multifamily projects in the Bronx’s Mott Haven neighborhood, and in February, Slate and LibreMax Capital provided a $60.25 million loan for a planned condominium tower in Astoria, Queens.

Isabelle Durso can be reached at idurso@commercialobserver.com.