The Real Deal
Garment District hotel sells for $99.5M - March 2009

By: Adam Pincus

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.

Hotel Online
The Lam Group, Lam Generation Sign Marshall Management to Facilitate Accelerated Development in New York City -
August 2007

The Lam Group, a leading hotel and real estate development firm owned by John Lam; Lam Generation, a recently formed hotel development and ownership company operated by Jeffrey Lam; and Marshall Management, a leading, mid-sized hotel management company, today announced that they have signed agreements designed to help the two development companies accelerate their planned development in New York City.

Under terms of the agreement Marshall Management will provide strategic and operating consulting services for “back of the house” operations, including accounting, property-level strategic marketing planning, analysis of operating results and making periodic property visitation/reviews.  Marshall Management will also provide consulting services for pre-opening activities, including planning and marketing, as well as assist in training and hiring.  The company currently is underway in a search to find the key property-level executives for three hotels.  

The agreement initially covers two hotels currently under construction by The Lam Group:

  • A mid-rise, 150-room Four Points by Sheraton in Soho, which is expected to open in the 2007 fourth quarter.
  • A mid-rise, 150-room Fairfield by Marriott in Long Island City, which is expected to open by year-end 2007.
For Lam Generation, Marshall will operate a mid-rise, 160-room Hampton Inn in Soho.  The hotel is expected to open in October.

“We are accelerating our hotel development in New York City,” said John Lam, chairman and chief executive officer of The Lam Group. “As a result, we realized that we needed additional hotel management expertise to back us up in the administrative area.  We reviewed a number of management companies and chose Marshall Management because of their depth of experience in mid-market hotels in urban markets, expertise in pre-opening support and proprietary management systems.  We will continue to manage the ‘front-of-the-house’ activities, but believe we will now be a much stronger operator with this additional support.  We look forward to the opportunity to expand our relationship with Marshall Management as we move ahead on a number of projects.  Should we sell any of these hotels, it is our intent to continue to operate them under long-term management agreements.”

“Our SoHo Hampton is a special property, which led to Lam Generation being honored as the Hampton Developer of the Year,” said Jeffrey Lam.   “Marshall has developed, constructed and operated a substantial number of Hamptons and that expertise will help us achieve our goal of having our first property one of the best in the Hampton system.”

“Both development companies have well established reputations, having built approximately 20 hotels, primarily in New York, in the past eight years,” said Mike Marshall, president and CEO of Marshall Management.  “Our firm brings an experienced team and the infrastructure to comfortably provide these specialized services, as well as take on other consulting assignments for these two companies.  Although we are a national, mid-sized company, we have substantial experience with hotels on the Eastern seaboard.  We look forward to building a long-term relationship.”

About The Lam Group
The Lam Group is a leading owner, developer and operator of branded hotels, primarily in New York City.  The company currently plans to develop more than 2,000 hotel rooms over the next three years.  The company currently owns and operates three hotels.  Additional information about the company may be found at www.lamgroupnyc.com. 

About Lam Generation
Founded in 2006, Lam Generation is a second-generation hotel development and ownership company based in New York.  The company recently was recognized as the Hampton Inn Developer of the Year, for it’s under construction Hampton Inn Soho by Hilton Hotels Corporation. 

About Marshall Management
Salisbury, Md.-based Marshall Management, founded in 1980, has special expertise in operating three- and four-star branded hotels and resorts, averaging 100 to 400 rooms, in urban and central business districts, suburban/drive-to and resort locations.  In addition, the company has a proven track record managing independent resort and unique urban properties.  The company has managed a wide array of leading hotel brands, including Hilton, Starwood, InterContinental Hotel Group, Hyatt, Choice and Wyndham.  Additional information about Marshall Management may be found at the company’s Web site: www.marshallhotels.com.


The Real Deal
Developers cut from the same cloth
Why so many garmentos head to real estate
- March 2007

By: Adam Piore

Joseph Moinian made a name for himself with audacious real estate deals -- like the building on John Street that he bought at $12 a square foot and rented out for $58 a square foot. Or his purchase of Chicago's Sears Tower, which he bought in 2004 with Joseph Chetrit and a number of other investors, paying $840 million.

Chetrit's most recent acquisitions include 620 Sixth Avenue, which houses Bed Bath & Beyond, Filene's and TJ Maxx. Yair Levy and Charles Dayan were his partners on that $300 million purchase last year.

But ask Moinian, Chetrit, Levy or Dayan about their very first deals, and you're liable to get stories about an altogether different kind of transaction. They'll probably tell you about selling pants, shirts and undergarments to the very same kind of business owners to whom they now rent space.

Moinian, Levy, Dayan and Chetrit all got their starts in the garment industry. It's a path that might seem improbable at first, but it's one that's increasingly well-trodden by some of the biggest players in New York real estate.

"I could give you 1,500 names," says Levy. "Many of us know each other from the garment center and we have done business together for 30 years."

In some ways the transition is only natural. Many garment manufacturers end up buying their warehouses, or the stores in which they sell their wares. But there's a less obvious connection at work: Both the garment trade and real estate are tailor-made for that perennially replenishing pool of entrepreneurial grit -- the immigrant New Yorker.

In the garment industry, "there are relatively low barriers to entry," says Sarah Crean, executive director of the Garment Industry Development Corp. "You don't need a huge amount of capital to rent a factory and get it equipped. Thousands and thousands of Americans have gotten their start that way."

Real estate, says Mitchell Moss, a professor of urban politics and planning at NYU, has been a very "porous industry," and a long line of immigrants have found fortune in it.

"Real estate in New York has been a very important industry for people with entrepreneurial know-how," he says.

Adds Wellington Chen, director of the Chinatown Partnership, a local development corporation: "When you accumulate wealth, the natural investment is real estate."

It is even more natural for those in the garment trade, who find their experience prepares them with many of the skills they need to negotiate.

"People learn wheeling and dealing," Levy says. "When you are a wholesaler, you have good years and bad years. It's not stable. It's a tough business. You develop very strong experience, you learn to be a survivor, and when you come into real estate it's an easier business because it's more stable."

David Adelipour, a developer who recently opened the Hotel Mela in Midtown, arrived from Iran in 1968. He got his start in the garment industry selling junior wear before making the transition.

"People in real estate are risk takers," he says. "That relates to the garment industry. You have to take a lot of risks. You're doing fashion, and you have to commit to investing in your styles and products before you sell them."

Since both the garment trade and the real estate industry require an entrepreneurial spirit, it's not surprising that immigrant groups with the strongest tendency toward risk-taking are drawn to those fields.

In New York City, almost 28 percent of Syrian immigrants and 24 percent of Iranian immigrants are self-employed, more than all other immigrant groups, according to "A World of Opportunity," a recent report put out by the Center for an Urban Future, a nonprofit think tank. About 18 percent of Israelis, the fifth-highest group, are self-employed.

Charles Dayan is a Syrian immigrant. Moinian and Adelipour are Iranian. Levy is Israeli, as is Joe Nakash, a successful developer and a founder of Jordache.

Says Jonathan Bowles, director of the Center for an Urban Future, "A lot of people went from the factory floor to contracting, so it has produced some of our best entrepreneurs. Then, once they get enough savings, they get into more lucrative areas."

But entrepreneurship is just one of the skills the garment trades hone.
Levy says his experience opening stores and traveling the nation looking for outlets also taught him to have a good eye for a deal.

He got his start in the garment industry at the age of 15 in Israel, selling clothes door- to-door in Tel Aviv. At 18, he bought his first store. He was marketing his own line of men's sweaters by 20. And at the age of 22, he came to New York to join a brother. Together they opened a wholesale line of ladies' wear.

"As a wholesaler you sell to many retailers," says Levy. "I also owned many stores to sell my own products. You are always looking for good retail locations, so that gave me a sense of what's going on in the real estate industry."

His small-business background often gave him an advantage when evaluating distressed properties.

"Sometimes when tenants aren't paying rent, other investors are scared away," he says. "But I can sense when the tenants are simply trying to take advantage of an owner's bankruptcy, and when their businesses are not good. So that has never turned me off."

Lately the garment industry in New York City has been in decline. That has only accelerated the transition to real estate for some.

John Lam, a prominent garment manufacturer in Chinatown, is a major hotel developer in the city. He is also building 50,000 square feet of shopping space under the Manhattan Bridge and developing condos in Soho, Tribeca and Woodhaven.

"The garment industry is sinking," he says. "We've got to find something else. I've being doing real estate part time for 20 to 25 years already. I don't want to travel to Asia. So I have to find some other vocation."

Adelipour says he left the garment industry for similar reasons. "The garment industry has started to fade," he says. "Real estate is more stable."

Bowles, whose study looked at a number of other cities, says New York City is not alone in this transition.

"In Los Angeles, we found similar things with people in the garment industry," he says. "Iranians and Armenians are prolific in the garment trades there, and some of them have turned to real estate. The garment trades have produced a lot of entrepreneurs in this country."

Even so, Bowles says, the number of new immigrants looking to buy a piece of the American dream is unlikely to drop. Many new immigrants are turning to other low-capital industries to get their first starts as the garment industry fades -- such as cutting hair and opening restaurants -- and in the years ahead they are likely to continue to pour their saving into real estate, Bowles says.

"Immigrant entrepreneurs are key parts of the economic growth of cities like New York and Los Angeles," he says. "They have been, and will continue to be, entrepreneurial sparkplugs."


The New York Observer
Get Your Bids In! Developers Crave Subsidies for Javits Hotel - January 8, 2007

By: Matthew Schuerman

Some of the biggest real-estate names, locally and nationally, are drawing up plans for a 70-story hotel across the street from the Javits Center in the West Side’s emerging Hudson Yards district, contemplating such revenue enhancers as luxury condos and retail boutiques to make the building work for them.

John Lam, who is one of some eight developers who have expressed interest in bidding on the hotel contract, nevertheless called the location “perfect” because of its future potential. He plans to propose building 1,500 hotel rooms, about 50,000 square feet of office space, and several floors of “hotel-condos” for owners to live in or rent out. The hotel would consist of four different towers, arranged to avoid putting weight on the Amtrak line, and would reach 66 stories high. Mr. Lam wouldn’t specify what sort of subsidies he is seeking, however, saying that he is still working on his financial plan.

“That area doesn’t have any five-star hotels, and I see the opportunity is increasing,” said Mr. Lam, who is the owner and founder of the Lam’s Group, which built a Best Western just a block away from Javits and is completing another 3,000 rooms around the city in the next three years. “Right now, people who go to the Javits Center have to travel quite a bit, because there are no hotels around there.”

His plan, drawn up by architect Gene Kaufman, contrasts with a schematic design that the Javits expansion architects drew up for illustrative purposes. That design shows just one tower, set back from 11th Avenue, on top of a seven-story pedestal that includes two ballrooms, an underground connection to the Javits Center and shops. 

The hotel has been touted as a crucial adjunct to the 520,000-square-foot Javits expansion that will help restore New York to the top tier of convention destinations, and yet its finances have always been a bit of a mystery. The hotel is typically described in press releases as “largely privately financed,” but the public contribution, or benefit, is never detailed.  

The hotel has been touted as a crucial adjunct to the 520,000-square-foot Javits expansion that will help restore New York to the top tier of convention destinations, and yet its finances have always been a bit of a mystery. The hotel is typically described in press releases as “largely privately financed,” but the public contribution, or benefit, is never detailed.

Originally, the state was going to purchase a vacant site at 42nd Street and 11th Avenue, a little to the north of Javits, and lease it to a private developer. The developer would then likely team up with a hotel chain to operate the facility.


NewYorkBusiness.com
Real estate entrepreneur building an empire - November 2, 2006 - 6:59 am

By: Lisa Fickenscher

John Lam is one of the city's most aggressive real estate developers, with 10 office, residential and hotel projects in the pipeline.

John Lam came to New York City in 1969 as a Chinese immigrant, finding work as a wage-laborer in the garment industry. Today, he is one of the city's most aggressive real estate developers, with 10 office, residential and hotel projects in the pipeline.

His company, The Lam's Group, is developing 3,000 new hotel rooms over the next three years, accounting for about 20% of the new hotel development underway in New York City. In fact, a 50-story hotel he's building downtown at Gold and Pearl streets will become the second tallest hotel in the Big Apple after the 52-story Four Seasons Hotel New York.

The Lam's Group and another Chinese developer, Sam Chang are the most active groups doing smaller hotels development in the city in terms of the number of deals, says Thomas McConnell, senior managing director of Cushman & Wakefield's hotel group.

"They have become one of the first calls of anything that seems adequate for hotel development," says Mr. McConnell.

He also says there is very little downside to their aggressiveness because the city is underserved in terms of affordable hotels, which is their niche.

From garment worker to banker to hotelier, Mr. Lam says he has always been an entrepreneur.

"At 14, I started sewing change purses in Hong Kong and had two people working for me," he said. And by age 19 he owned his first factory in New York City's Chinatown.

While running 17 factories, 14 of which were in the City, Mr. Lam branched out into banking, after people in Chinatown kept coming to him for money. He decided it was time to formalize the process and in 1983, he founded East Bank and set up two branches in Chinatown.

Although his factories were generating $100 million in revenues, in 1990, Mr. Lam decided making clothes in New York was a dying industry and the factories had become more valuable as real estate properties than businesses.

So he seized yet another opportunity. In the mid-1990s he sold about 300,000 square feet to build condos, hotels and office buildings.

Today, he owns three hotels in the city, including the Four Point Sheraton's in Chelsea and eight others in the works. He also owns four apartment and office buildings here and is building two more.

The oldest of Mr. Lam's four children, Jeffrey, 24, is following in his father's footsteps developing his own hotels-with his own investors. The younger Mr. Lam has also recruited his three siblings to join his company, Lam Generation.

"Maybe in the future my son, Jeff, will be my biggest competitor," Mr. Lam says with a smile.


Brooklyn Daily Eagle

27-Story Sheraton Hotel Coming to Downtown Brooklyn
First New Commercial Building to Go Up Since Rezoning Plan Adopted in 2004


DOWNTOWN BROOKLYN — Construction fences are up and work has begun at the site of two new upscale and "hip" hotels in Downtown Brooklyn.A Sheraton and another, as-yet-unidentified "but hip" hotel are planned for the site , according to the developer, John Lam of The Lam Group, a Manhattan-based builder of hotels in the city.

This is the latest in significant development news for Downtown Brooklyn and the first new commercial building to begin construction since the Downtown Brooklyn Rezoning Plan — designed to create such construction — was approved.

There has been talk of a 600-foot-tall commercial tower to be built by Thor Equities at 120 Willoughby St., between Duffield and Gold Streets at Flatbush Avenue Extension; and a rumor of another one at the opposite end of the Downtown Shopping District, at Boerum Place and Fulton Mall. But no activity has been announced on either front, and Joseph Sitt of Thor has since put his property and the adjacent renovated Gallery at Fulton Street, formerly the Albee Square Mall, on the market.

The Sheraton Hotel site is on the west side of Duffield Street just feet from the gritty Willoughby Street, but also just feet from the glossy MetroTech campus, where the landmarked Verizon building at 101 Willoughby (7 MetroTech) is undergoing a conversion to luxury condominiums.

The site includes two properties — one a three-story building, the other a parking lot, with addresses of 216-228 Duffield St.

A search of the Department of Buildings website revealed that permits have been issued for the demolition of an existing three-story building, which contains one retail space and two apartments (all empty), and for the installation of the sidewalk shed and fencing. But permits have not been approved yet for construction of the proposed side-by-side hotels.

According to Lam, the side-by-side hotels will be 27 stories tall, will contain a total of 500 rooms and will share an indoor/outdoor rooftop bar which will command wide-angle views. Community space, a restaurant and a spa and pool are also planned.

"It will change the whole neighborhood," said an enthusiastic Lam, when reached by phone yesterday. Lam also said that he anticipates about 1,000 business travelers a day.

"The Sheraton will be more of a formal business traveler hotel; the other will appeal more to the hip, young population who need a place of their own," he said, adding that Brooklyn is definitely attracting this population now.

Describing the design by architect Gene Kaufman as "sleek," he added, "It will have a very exciting look."

Construction is expected to begin within one month on the first stage, the Sheraton with 320 rooms; and within six months on the 180-room adjacent hotel, for which he does not have a firm commitment yet. The hotels should be completed in two years, in fall 2008.

Denying that he is a visionary in selecting this particular site, Lam said Downtown Brooklyn definitely needed more hotel rooms, it was very difficult to find a site and was pleased to find this one. The site is adjacent to an 800-car underground parking development planned by the city and also included in the Downtown Brooklyn rezoning.

As reported last year in the Brooklyn Eagle, The Lam Group purchased the 15,000-square-foot site for $9 million. Brian Leary, a partner with Massey Knakal Realty Services in Brooklyn, was the broker. At that time, Leary said the rezoning would allow approximately 180,000 buildable square feet on the site. According to a DOB permit application, Lam plans a development of about 160,000 square feet. Leary also said last year that in a 30-day period he received multiple offers and the sellers were pleased with "Lam's $9 million non-contingent full price offer."

The Lam group is a very reputable hotel developer and operator in the New York City market, Leary added.

"This is great for the downtown office district and its surrounding communities. It will provide the borough with additional needed hotel rooms and opportunities for more local employment." Mack Tham, the former director of Real Estate and Development for the Brooklyn Chamber of Commerce, who reported he has had several conversations with the "shy and reticent" hotel developer, who is originally from Hong Kong, is aware of at least seven major hotels Lam has built in the Greater New York City area. These include the Holiday Inn in Chinatown, the Clarion SoHo, the Four Points Hilton at 160 W. 25th St., the Best Western Convention Center at 522 W. 38th St., and Lam's Convention Center Hotel at 449 W. 36th St. — all in Manhattan; and in Queens, the Sheraton at JFK and the Super 8 in Jamaica.


The New York Sun
Hospitality's Outlook Couldn't Be Rosier- August 31, 2006

Over the next year and a half, thousands of individuals will be visiting New York and trying to find a hotel room. They're in for some good news: During that time we can expect close to 5,000 new rooms in New York City — about 4,000 of those will come on line in Manhattan.

Financiers are just as optimistic. "The ever increasing demand for hotel room availability is still not offset by any of the new supply discussed," the international head of hospitality lending and senior vice president, HSH Nordbank, Frank Anderson, said. "The lack of a convention center hotel solution is still troublesome. The key remains if any prolonged cooling of the residential condo market takes root to slow down hotel to residential conversions."

One of the most aggressive developers, John Lam of the Lam Group, plans to put as many as 1,200 hotel rooms into inventory over the next several years. Mr. Lam, who is also a garment industry executive, already owns and operates three hotels in the city, including the 18-month-old Four Points Sheraton in Chelsea at 158 West 25th St. Another five are in the works, including a 500-room Sheraton in Times Square located at 326 West 40th St.


Crain's New York Business
New accommodations;
Developer plans two brand-name, midpriced hotels near Times Square- October 31, 2005

The developer of a key site near the Port Authority Bus Terminal plans to split his property in two and bring a new, affordable hotel brand to the city.

The Lam Group had originally planned to build a 250-room Sheraton Four Points Hotel on the site at West 40th Street and Eighth Avenue. Now it will also build a Marriott Fairfield Inn adjacent to the Sheraton. The hotels will share a
rooftop restaurant and lounge. Construction is expected to begin before the end of this year, and the hotels should open in 2007.

Hung Luk, executive director of hotel and real estate holdings for The Lam Group, says Manhattan is underserved by affordable franchise properties.

"We think there is a great opportunity in New York for that segment,'' adds Liam Brown, senior vice president of Marriott's Fairfield Inn hotels.

The Fairfield Inn will charge room rates of between $180 and $220 and compete with Holiday Inn Express, Hilton Garden Inn and others.

Room rates at the Sheraton Four Points in Chelsea, also owned by The Lam Group, begin in the low $200s. The Lam Group is building another Sheraton Four
Points in SoHo.

New York lags behind other cities in the country in terms of development of affordable hotels. Outside of New York, the majority of the hotel development has been focused on budget properties.

"It's been the opposite experience in Manhattan,'' says Thomas McConnell, senior managing director of the hotel group at Cushman & Wakefield Inc. "Most of the hotels being built here are four- and five-star properties.''

The affordable hotels in the city have been independently owned, rather than owned by big brands such as Sheraton and Marriott.


Crain's New York Business
Conversions spur new hotels; But developers move outside Midtown corridor; a short-term dip
- July 25, 2005

"With the closure of so many rooms, the buyers [of those hotels] concluded that it made sense to keep the properties as hotels,'' says Mark Gordon. What is changing, however, is the geography of where the new hotels are being planned and built. With the traditional midtown area between Third and Sixth avenues overbuilt, developers are moving to less developed areas such as the lower East Side, Chinatown, Harlem and the far West Side.

One of the most aggressive developers, John Lam of The Lam Group, plans to put as many as 1,200 hotel rooms into inventory over the next several years. Mr. Lam, who is also a garment industry executive, already owns and operates three hotels in the city, including the 18-month-old Four Points Sheraton in Chelsea. Another five are in the works, including a 500-room Sheraton in Times Square.


Crain's New York Business
Budget hotels home in on West Side- July 11, 2005

The Lam Group is developing the 10-story Howard Johnson as part of its strategy to build 1,200 hotel rooms in New York City over the next two years. President John Lam says he will begin construction in September on two
properties in downtown Brooklyn: a 300-room Sheraton and a 180-room Hilton Garden. Mr. Lam bought the Hudson Yards property in 2003 for $950,000, public records show.


Business Wire
Starwood's First Mid-Priced Property in Manhattan Celebrates Opening- March 4, 2004

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), the largest hotel operator in Manhattan, has opened its first mid-priced property in New York City- The Four Points by Sheraton Manhattan Chelsea.

"Adding this Four Points by Sheraton property confirms our commitment to meet the demand for quality full-service hotels in the mid-priced market, a true distinction for the brand," said Hoyt Harper, the brand's senior vice president.
"Bringing the Four Points by Sheraton brand to Manhattan adds great value to Starwood's already strong presence in New York City.

The Four Points by Sheraton Manhattan Chelsea is not only unique in its urban center location, but also in its styling - representative of what one will come to expect from Four Points by Sheraton as the brand continues to grow. In
addition to the sleek decor, all guest rooms are spacious and feature a comfortable workspace and two telephones with dataport, free high-speed Internet access (HSIA) and complimentary bottled water.


Hospitalitynet.org -July 24, 2003

Located in Manhattan on 25th Street between 6th and 7th Avenues, the full-service, 18-story Four Points by Sheraton will feature 158 guest rooms, including two suites, and a wide range of amenities and services at an affordable price, including an on-site restaurant, business services center, fitness center, room service and 400 square feet of meeting space.
"Business and leisure travelers alike will be drawn to this property," said Hung Luk, principal. "Business travelers recently named Four Points the 'top mid-price with food and beverage' brand in Business Travel News' annual Top U.S. Hotel Chain Survey. Leisure travelers will love the neighborhood with its abundance of theaters, art galleries, museums, excellent restaurants and outstanding shopping."

The Four Points by Sheraton Manhattan is located at 160 West 25th Street, New York, N.Y., (212) 627-1888, and is expected to open in October 2003. For reservations, call (888) 625-5144 or visit the hotel's Web site: www.fourpoints.com.

Chelsea Grand, LLC is one of many hotel projects developed by the investment group headed by John Lam and Hung Luk. The group, known as the Majestic Group, is based out of New York City. In the past five years, the group has developed more than 10 hotels, primarily in New York. The Majestic Group has four additional sites ready for development starting in the latter part of the year.


Crain's New York Business
Real Estate Watch: Chelsea gains two new inn spots; Orient
Construction to simultaneously build 20-story hotels on parking lots
- February 26, 2001

Orient construction Group Inc. is building a pair of budget hotels on the sites of two recently purchased Chelsea parking lots.

The firm, which belongs to local hotel developers John Lam and Hung Luk, plans to simultaneously construct 20-story hotels of about 100 rooms each at 108-110 W. 24th St. and 158-162 W. 25th St.

Orient expects to break ground this spring and be ready for occupancy in the summer of 2002. The firm hasn't yet chosen the hotel flags under which it will operate the properties.


Crain's NY Business Magazine
Developing a place for 3,000 city jobs- April 23, 1990

John Lam's story reads like a movie script. A Hong Kong emigrant and high school dropout, he built one of New York's largest garment manufacturing operations from scratch.

"He's the best person we have to lead this major initiative," says Colin Woodhouse, deputy commissioner of the Ports & Trade Department. "He's got stature in New York and a global operation."

Unlike other city garment manufacturers, Mr. Lam also developed the habit of treating employees fairly. His factory workers are members of the International Ladies' Garment Workers Union, and many of his factory directors have been given part ownership of their operations. He also has been instrumental in organizing a child-care center for garment workers.


Crain's NY Business Magazine
How to succeed: four textbook examples- April 23, 1990

Sometimes star quality means going against the grain. That's what the fourth Crain's All-Star Team has done -- distinguished itself in an environment beset by a daunting array of difficulties.

Two of them have scored notable successes in sectors that many business people currently consider an uphill battle -- real estate and garment manufacturing. Another has boosted a small family business in one of New York's most difficult industries -- supermarkets. The other has defied a compelling trend toward mergers and among major accounting firms.

While noteworthy for their business acumen and accomplishments, these men are also addressing some of New York's knottiest social problems by devoting their energies to education and youth, the ill and the disadvantaged.

This year's honorees were selected from a field of reader nominations by the editorial board of Crain's New York usiness:

John Lam, president, John Lam Fashions Inc. In a mere two decades, this Hong Kong native has distinguished himself by building manufacturing and import operations valued at about $80 million. He is now developing a garment manufacturing center in Queens that could employ 3,000 people.


Crain's NY Business Magazine
Crain's picks '89 business all-star team-March 26, 1990

On Wall Street, contrarians are those who bet against the prevailing investment attitude. Among the Crain's New York Business all-stars they are business executives whose accomplishments, oftentimes against the odds and
usually the current wisdom, set them apart from their peers.

The 1989 Crain's All-Star Team is a diverse group of executives who share in common one uncommon trait: They have been willing to do the unexpected, even the controversial.

John Lam

John Lam knows what it means to rise up from inauspicious beginnings. He immigrated here from Hong Kong 20 years ago. Although he never finished high school, Mr. Lam has become the city's premier silk importer and garment contractor.

At a time when the New York garment business is shrinking, Mr. Lam seeks expansion. He's trying to spur development in College Point, Queens, with two projects intended to attract garment contractors to the borough. His plan is to build 50 factories, showrooms and a hotel.