Schrager, Witkoff snag $173M refinancing
of Public hotel

Deutsche Bank provided the partners

TRD New York /
Mar.March 29, 2019 12:45 PM
The Witkoff Group CEO Steven Witkoff and hotelier Ian Schrager with 215 Chrystie Street

The Witkoff Group CEO Steven Witkoff and hotelier Ian Schrager with 215 Chrystie Street (Credit: Getty Images and Google Images)

The Witkoff Group and hotelier Ian Schrager refinanced their luxury Public hotel-condominium project on the Lower East Side.

Deutsche Bank provided the firm with a $173.25 million loan for the property at 215 Chrystie Street, according to property records filed Thursday. The debt replaces previous financing from Starwood Capital Group, which in 2017 provided the same amount for the project.

Deutsche Bank declined to comment. Schrager and the Witkoff Group did not immediately return requests for comment. Newmark Knight Frank’s Jordan Roeschlaub and Dustin Stolly, who brokered the debt, also declined to comment.

The 28-story project, designed by Herzog & de Meuron, has a 370-room hotel and 11 luxury condos. The largest unit, a 4,300-square-foot three-bedroom penthouse, was listed for $23.5 million and sold last year for $19 million, property records show.

The development’s oversized windows have somewhat been a source of trouble. In 2017, Lower East Side residents told the New York Post that they could see the hotel’s guests having sex.

“Not like I’m a peeping Tom, but from the corner of my eye, you can see this going on four times a week,” one neighbor said a the time.

The two firms picked up the site for $50 million in 2012 from Rubin Schron.

Rich Bockmann contributed reporting.


Related Articles

arrow_forward_ios

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

arrow_forward_ios