James Hotel trades for $85M to Prudential Real Estate Investors

May 02, 2013 11:30AM

Updated at 6:20 p.m.: The James Hotel, a 70,000-square-foot property at 27 Grand Street in Soho, has traded for close to $85 million, according to its former owner Brack Capital Real Estate.

The 20-story, 114-room property debuted in 2010, and is managed by Denihan Hospitality Group. The hotel is home to the famed restaurant of star chef David Burke.

Denihan will continue to manage the hotel and operations will remain unchanged under the property’s new ownership, according to a release from Brack. Prudential Real Estate Investors is the buyer of the property, according to a source with knowledge of the deal.

“We were always incredibly confident in the potential presented in this well-situated location for a one-of-a-kind property and are pleased to see this hotel not only meet our goals, but exceed expectations,” said Issac Hera, CEO of Brack.

Brack appears to have purchased the hotel site for more than $30 million in 2007. It was formerly home to the Moondance Diner, a longtime Soho fixture. – Katherine Clarke