A $ 75 million Gramercy Park Hotel loan sold to an anonymous buyer.
JPMorgan Chase sold the debt, which has a maximum principal amount of $ 75 million, to RDAC 8 LLC, according to PincusCo. The loan is guaranteed by the Gramercy Park Hotel.
Last month, Artnet reported that hotel owner Aby Rosen’s RFR Holding was due $ 900,000 in land lease payments on the property. A notice on the hotel door at the time said that if Rosen didn’t pay by December 28, her hotel could be evicted. So far, no foreclosure action has been filed, according to PincusCo.
RFR owns the hotel itself, but Solil Management, the company that manages the Sol Goldman estate, owns the land below. Rosen’s company pays $ 5.3 million a year to lease the land.
Rosen bought the hotel from hotelier Ian Schrager in 2003. The two remodeled the property and Rosen took over full ownership in 2010.
The hotel had closed to guests at the start of the pandemic, but Rosen recently said it Free rooms for its employees who live in the suburbs to avoid having to go to the office.
“I said to everyone, ‘Guys, do you want to stay Tuesday night or Wednesday? Be my guest. Breakfast is at 9 a.m. Then show up at the office whenever you want, ‘” Rosen said Bloomberg News.
The Gramercy Park Hotel was built on the site where novelist Edith Wharton was born, hosted Humphrey Bogart’s wedding, and hosted young John F. Kennedy and his family. At one time Babe Ruth was a regular at the hotel bar.
[PincusCo] -Keith Larsen