BCRE Sells The James New York for $85M
Thursday May 2nd, 2013 - 10:47AM HO
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
NEW YORK—Brack Capital Real Estate sold The James New York, located at 27 Grand St. here, for approximately $85 million to an undisclosed buyer.
The global real estate investment and development company retained Denihan Hospitality Group to continue to manage the 114-room property; Chef David Burke will remain to lead the food and beverage offerings
“We were always incredibly confident in the potential presented in this well-situated location for a one-of-a-kind property and are pleased to see this hotel not only meet our goals, but exceed expectations. This sale offers BCRE a strategic opportunity to continue applying our vision and building our presence in today’s thriving marketplace,” said Issac Hera, CEO of Brack Capital Real Estate-USA.
CitiGroup was instrumental in arranging the sale of this property, according to the company.
BCRE has developed more than three million square feet of office, hotel and retail space, as well as 3,000 residential units internationally. The company’s New York portfolio includes properties such as The Greystone Hotel at 212 West 91st St. and The Hilton Garden Inn at 63 West 35th St.
The company is developing boutique hotels in Times Square at 218 West 50th St., and the Lower East Side: one property at 189 Bowery St. and another at 180 Orchard St., a planned Indigo Hotel.
Tags: • Hospitality • Ownership • Management Companies •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.