JPMorgan Chase Sells Gramercy Park Hotel In New York For $75M
Gramercy Park Hotel, Lexington Avenue, New York, NY, USA
$75,000,000
$397/SF
Building Size
188,933 SF
Asset Type
Hotel
Closing
Jan 25, 2021
About this deal
AI
JPMorgan Chase has sold the Gramercy Park Hotel in New York for a price of $75,000,000. The hotel, located in the Gramercy Park market, is a 190-key property. The transaction took place on January 26, 2021, and involved Aby Rosen as the landlord representing RFR Realty.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $75,000,000
- Address: Gramercy Park Hotel
- Market: Gramercy Park
- Keys: 190
The deal was facilitated by Jamie Dimon, the CEO of JPMorgan Chase, and Aby Rosen, representing RFR Realty as the landlord. The sale of the hotel marks a significant transaction in the real estate market, further solidifying the prominence of the Gramercy Park area.
Players
New York Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93