The 186-room Gramercy Park Hotel in New York is on the market. According to Crain’s New York Business, real estate investors Aby Rosen and Michael Fuchs hired brokerage firm Eastdil Secured to market the property. The pair developed the property in the mid-2000s with boutique hotelier Ian Schrager, and then the recession brought it into default. Rosen and Fuchs are also considering other options, such as refinancing the hotel or the sale of a partial interest in it, the article states. The property is worth an estimated $260 million or at least $1.4 million per room. When Rosen, Fuchs, and Schrager bought the hotel in 2003, they invested more than $200 million on a gut renovation and reopened in 2006.
