NEW YORK CITY-Hotel developer John Lam is purchasing a parking garage between West 24th and West 25th streets where he plans to develop a new hotel tower.
Lam plans to demolish the block-long garage located at 110 W. 25th St. and build in its place a $300-million, 270,000-square-foot hotel. The developer is acquiring the property from Extell Development, according to Crain's New York Business. The deal is in contract, but has not closed as yet. No purchase price for the parcel was released.
Nearby on Broadway, Lam will break ground next year on another $300-million hotel project. He says he has reached a deal with Virgin Hotels to open its first U.S. hotel at the property. Lam is also in negotiations with another hotel operator to manage a second hotel at the property.
Robert Knakal, chairman of the brokerage company Massey Knakal Realty Services, arranged the sale of 110 W. 25th St. for Extell. Knakal also handled the assemblage and sale of the properties Lam acquired for his Broadway hotel project. See story in Crain's New York Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
