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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.

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