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NEW YORK CITY — A family partnership has sold 346 West 40th Street, a 98,750-square-foot development site in the Hudson Yards area of New York City. Hotel developer Sam Chang has purchased the property for $26.25 million or $266 per square foot. Glen Kunosfky of Marcus & Millichap, along with Peter Von Der Ahe, Joseph Koicim and Sean Lefkovits of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, represented the seller. A six-story, 250-space, 53,172-square-foot parking garage currently occupies the property. Chang also bought out the long-term triple-net lease on the site from Peach Parking Corp.