Garment District hotel sells for $99.5M

By Adam Pincus | March 02, 2009 05:46PM

Hotel developer the Lam Group sold a limited-service, 33-story Garment District hotel located at 330 West 40th Street to a California buyer for $99.5 million.

The purchaser of the Fairfield Inn New York Manhattan/Times Square South was Los Angeles-based Gehr Development, a division of Gehr Enterprises, a diversified business that includes manufacturing, distribution and commercial real estate. It was the firm’s first purchase in New York City, said David Lifschitz, CFO and an
executive vice president at Gehr.

The Gene Kaufman-designed hotel is the first Fairfield Inn in Manhattan. The sale went into contract July 2007 and the deed was transferred on February 12, city records published today show.

The 244-room, newly-constructed building on the block between Eighth and Ninth avenues, opened less than two weeks ago, Lifschitz said.

Five hotels recently opened or are under construction on 39th and 40th streets between Eighth and Ninth avenues.

Gehr Development hopes to make more acquisitions in New York City, Lifschitz said.

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