$60M mezz loan on Ian Schrager’s Public Hotel is for sale

The 367-room hotel has been closed since March

Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

Korean lender Shinhan Investment wants to sell its $60 million mezzanine loan on the Public Hotel on the Lower East Side, the Commercial Observer reported.

The hotel is owned by hotelier Ian Schrager and the Witkoff Group. Deutsche Bank is the senior lender of the property, having provided the owners with a $173 million refinancing in March 2019.

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Ian Schraeger’s Public Hotel at 215 Chrystie Street (Getty, Google Maps, Dolly Lenz)
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Cushman & Wakefield’s Adam Spies, Jared Kelso and Dan O’Brien are marketing the mezz loan.

The 367-room hotel has been closed since late March.

The 28-story, 254,700-square-foot building at 215 Chrystie Street also includes 11 luxury condominium residences at the top of the building. One of them, a 4,200-square-foot, four-bedroom penthouse unit is up for sale with an asking price of $32 million. The largest unit, a 4,300-square-foot, three-bedroom penthouse, sold in 2018 for $19 million. [CO] — Akiko Matsuda