Denise Crouch Purchases Hotel From Jeffrey Lam's Lam Generation For $39,850,058 In Manhattan
21 West 37th Street
$39,850,058
$1,148/SF
Building Size
34,690 SF
Asset Type
Hotel
Closing
May 26, 2026
About this deal
AI
A 34,690-square-foot hotel property located at 21 West 37th Street in Manhattan's Garment District has been sold. The asset was acquired by Denise Crouch from Jeffrey Lam, who represented Lam Generation in the transaction. The sale price was $39,850,058, reflecting a valuation of approximately $1,149 per square foot.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $39,850,058
- Address: 21 West 37th Street
- Market: Garment District, Manhattan
- Square Footage: 34,690
- Price Per Square Foot: $1,149
- Buyer: Denise Crouch
- Seller: Jeffrey Lam - Lam Generation
This transaction also highlights the involvement of Jeffrey Lam, who facilitated the sale on behalf of Lam Generation, underscoring the strategic asset exchange within the hospitality sector of Manhattan.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93