The Real Deal New York

Aby Rosen, Michael Fuchs put Gramercy Park Hotel on market

Building renovated in 2006 could fetch as much as $260M
October 27, 2014 03:48PM

RFR Realty founders Aby Rosen and Michael Fuchs have put the Gramercy Park Hotel on the market. The 186-room, 18-story hotel at 2 Lexington Avenue is valued at $260 million.

Developer Ian Schrager, along with Rosen and Fuchs, helmed the $200 million gut renovation of the property in 2006. Four years later, the owners defaulted on a $140 million loan, as previously reported. The partners then bought out Schrager’s stake and restructured the debt.

The owners are considering selling a partial stake or refinancing the hotel, according to Crain’s. Eastdil Secured is marketing the property. [Crain’s]Mark Maurer