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