Aby Rosen and Michael Fuchs are set to sell Manhattan’s famed Gramercy Park Hotel. By some estimates they could get as much as $260 million for it.
The two real estate moguls developed the 186 room hotel together with Ian Schrager. They first acquired the property back in 2003 and proceeded to put $200 million into a gut renovation. The hotel then reopened in 2006.
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They defaulted on a $140 million loan. Rosen and Fuchs were then able to restructure the debt and bought out Schrager’s share.
First built in 1925 and located at 2 Lexington Ave., the Gramercy Park Hotel is filled with Julian Schnabel’s hand-crafted furnishings and rare, imported items from far-away markets. The lobby features hand-tufted, garnet-and-gold Aubusson rug. There is a looming saw-tooth chandelier in its Rose Bar and each room has custom-cut crystal glasses and bronze-studded velvet headboards.
The Gramercy Park Hotel boasts a Museum-quality Art collection in an intimate environment. In its lobby, Guest Rooms, Event Spaces and Bars, guests will find masterpieces by artists from Warhol and Basquiat to Damien Hirst, Keith Haring and Richard Prince. The works change regularly ensuring guests never experience the same Hotel twice.
Its recent renovations included a facelift from Oscar-nominated director and artist Julian Schnabel which focused on a Renaissance-revival concept incorporating the vivid colors of the era with bold hues on the walls, upholstery and carpets. The furniture was specially imported from markets around the world. The result is an ambiance that is regal, relaxed and ultimately, transporting.
According to a report in Crain’s, the hotel’s owners might also sell only a partial stake in it or simply refinance the property.
