Prolific hotel builder John Lam is buying a parking garage on a mid-block, block-long site between West 24th and West 25th Streets, with plans to raze the structure and set up a 270,000-square-foot hotel tower in its place, Crain’s reported.
The spot is Lam’s second planned building in the area: he already aims to break ground next year on a 300,000-square-foot hotel that will run along Broadway from West 29th to West 30th streets.
At his latest building site at 110 West 25th Street, just west of Sixth Avenue, Lam is buying property from Extell Development. He did not disclose the purchase price to Crain’s as he said the deal, arranged by Massey Knakal’s Robert Knakal, is in contract but not yet completed.
In recent years, Lam has also developed a successful Four Points Hotel at 160 West 25th Street, operated by the Sheraton brand.
Lam has ambitious plans along Broadway, aiming to spend around $300 million to build hostelry that will begin to emerge next year. He told Crain’s he has reached a deal with Virgin Hotels to open the British company’s first U.S. hotel on the property, and that he is also in talks with another operator to manage a second hotel at the site. The latter will also include 50,000 square feet of retail space on three lower floors, a spot that would make for the largest new store space in the neighborhood. [Crain’s] –Julie Strickland