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
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

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

The Blakely Hotel at 136 West 55th Street and Richard Born (Credit: Google Maps, Richard Born by Studio Scrivo)

Blakely Hotel may shut down, lay off 54 workers

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

State Sen. Julia Salazar and Assembly member Harvey Epstein proposed the tax this month in an effort to disincentivize real estate speculation (Credit: iStock, Getty Images)

Experts take issue with proposed tax on mezzanine loans

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Some investors continue to find U.S. commercial real estate as attractive places to park their capital (Credit: iStock)

Brexits and Bubbles: How investors view Europe’s shaky real estate market

arrow_forward_ios
Loading...