John Lam, founder of the Lam Group
Hotel developer the Lam Group has gone into contract to buy two buildings on Broadway at 30th Street from Mocal Realty for $72 million, possibly for a new hotel development, Real Estate Weekly reported.
Together, the two buildings, at 1205 and 1225 Broadway, make up around 250,000 square feet of developable space and up to 370,000 square feet if Lam chooses to purchase adjacent properties that are also on the market.
Robert Knakal and John Ciraulo of Massey Knakal Realty Services brokered the deal for both sides. Massey Knakal is also marketing the adjacent properties on 30th Street and Sixth Avenue, which are not owned by Mocal.
John Lam’s the Lam Group has developed more than 20 hotels in New York over the past 10 years, and currently owns and operates 10 properties, including Aloft Brooklyn, Four Points by Sheraton Manhattan Chelsea and Fairfield Inn & Suites by Marriott New York Manhattan/Fifth Avenue. [REW]