Lam Group plans hotel for vacant Downtown site

The Lam Group has purchased a building for $13.1 million at 49-53 Ann Street, a few blocks south of City Hall Park, and plans a hotel there, Real Estate Business Online reported. The building housed a music event space and Internet radio station called the Music Gallery, which hosts CD releases and other events. The four-story loft building is 15,500 square feet, but has a maximum buildable area of 45,800 square feet. The sellers were Bennedetto and Nessim Tammam of Brooklyn. The Lam Group is owned by developer John Lam, a former partner of hotelier Sam Chang. Lam is building a 660-room Sheraton under at 217 Pearl Street and the 150-room Four Points by Sheraton Soho Village, at 66 Charlton Street between Varick and Hudson Streets. TRD