Aby Rosen’s Gramercy Park Hotel faces eviction

Hotel is behind on ground lease payments to Solil Management

New York /
Dec.December 22, 2020 10:00 AM
The Gramercy Park Hotel at  2 Lexington Avenue and Aby Rosen of RFR Holding (Getty; Google Maps)

The Gramercy Park Hotel at  2 Lexington Avenue and Aby Rosen of RFR Holding (Getty; Google Maps)

The latest visit paid to the Gramercy Park Hotel was from the debt collector.

Aby Rosen’s RFR Holding, which owns the swanky hotel, is behind on $900,000 in ground lease payments, according to Artnet. A notice on the hotel’s door states that if Rosen does not pay by Dec. 28, his hotel could face eviction.

Rosen only owns the hotel, which before the pandemic was a go-to spot for art and fashion events. The estate of Sol Goldman owns the land underneath, which Rosen pays $5.3 million per year to lease.

The notice is signed by Louisa Little, an administrator at Solil Management, the company that represents Sol Goldman’s estate. Goldman was one of Manhattan’s largest landlords and at one period owned nearly 1,900 separate parcels, according to ArtNet.

Rosen bought the hotel with longtime friend hotelier Ian Schrager in 2003. The two redeveloped the property, and Rosen took full ownership in 2010.

The hotel had closed its doors to guests at the onset of the pandemic, but Rosen recently said he offered his employees who live in the suburbs the opportunity to stay there to avoid commuting to the office.

“I told everybody, ‘Guys, you want to stay Tuesday night or Wednesday? Be my guest. Breakfast is at 9. Then show up at the office when you feel like it,’ ” Rosen told Bloomberg News.

Hotels have been hit particularly hard by the pandemic. About 80 percent of hotel properties tied to the commercial mortgage-backed securities market are showing signs of distress, according to recent figures from Trepp.

[Artnet— Keith Larsen


Related Articles

arrow_forward_ios
Just-sold Shelter Island hotel borrows $17M for transformation
Just-sold Shelter Island hotel borrows $17M for transformation
Just-sold Shelter Island hotel borrows $17M for transformation
Ty Warner and Four Seasons 57 East 57th Street (Getty, Google Maps)
Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of missed rent
Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of missed rent
Trump nearing $370M sale of DC hotel to Miami investment firm
Trump nearing $370M sale of DC hotel to Miami investment firm
Trump nearing $370M sale of DC hotel to Miami investment firm
Hotel Association sues city over severance pay mandate
Hotel Association sues city over severance pay mandate
Hotel Association sues city over severance pay mandate
Pandemic paralysis: Delta continues to impede hotel, restaurant recovery
Pandemic paralysis: Delta continues to impede hotel, restaurant recovery
Pandemic paralysis: Delta continues to impede hotel, restaurant recovery
Trump’s DC hotel lost $70M during presidency
Trump’s DC hotel lost $70M during presidency, docs say
Trump’s DC hotel lost $70M during presidency, docs say
Wyndham CEO Geoff Ballotti and Marriott CEO Anthony Capuano (Getty, Wyndham, Marriott)
Hotel companies increasingly turning to all-inclusive resorts
Hotel companies increasingly turning to all-inclusive resorts
The hotel recovery is far from complete
The hotel recovery is far from complete
The hotel recovery is far from complete
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...