Choi of GFI Realty Services brokers $13.15m sale of a development site

GFI Realty Services, Inc. has negotiated the sale of 49-53 Ann St. This 45,810 s/f property was sold to the Lam Group, owned by John Lam, from Bennedetto and Nessim Tammam for $13.15 million. Jae Choi of GFI Realty Services, Inc. represented both the buyer and seller of the property. This is the second development site the Lam Group purchased in the Financial District through Choi. They plan to build a hotel to serve the financial district on this vacant property which was formerly four commercial buildings. "The location of the property is ideal for a new hotel in downtown Manhattan," said Jae Choi, senior broker at GFI Realty Services, Inc. Fulton St. is one of the busiest streets below Canal St. This property is located only a block away from Fulton St. and in very close vicinity to major landmarks such as City Hall, Brooklyn Bridge, South Street Seaport and Wall St."There are also many new developments in progress in this area including the new Fulton Street Transit Center and Forest City Ratner's 75 story mixed-use Beekman Tower.