Hotel developer John Lam acquires final piece in Fashion District project puzzle

Developer John Lam has closed on 1227 Broadway for $16 million, Crain’s reported, acquiring the final bit of real estate needed before he embarks on a $300 million hotel project planned for the Fashion District.

Last year, Lam Group, Lam’s firm, purchased the neighboring buildings at 1205 and 1225 Broadway for $72 million. He now owns the entire block fronting on Broadway, between East 29th and East 30th streets, and plans to build both a Marriott Hotel and an Aloft, which is a boutique brand under the Starwood Hotels & Resorts flag, Crain’s said.

The area has sprouted a number of boutique hotels in the last few years, such as the Ace Hotel and the Gansevoort Hotel, Crain’s noted.

Robert Knakal of Massey Knakal has handled all three building sales. [Crain’s] –Guelda Voien