New York's Gramercy Park Hotel considered for sale

The Gramercy Park Hotel in New York is coming up for grabs.

Real estate investors Aby Rosen and Michael Fuchs hired brokerage firm Eastdil Secured to market the 186-room hotel. Rosen and Fuchs developed the property in the mid-2000s with boutique hotelier Ian Schrager before the recession brought it into default. The pair are also considering a refinancing of the hotel or the sale of a partial interest in it.

Rosen and Fuchs estimate the property is worth $260 million or more, which would work out to at least $1.4 million per room. The record price came in 2012, when the Plaza New York sold for $2 million a room.

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Rosen, Fuchs and Schrager purchased the property in 2003 and invested more than $200 million into a gut-renovation. It reopened in 2006.