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BCRE Sells The James New York for $85M

Thursday May 2nd, 2013 - 10:47AM

BRCE Sold The James New York for $85 million.

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.