Developer Aby Rosen may be willing to let go of his Upper East Side townhouse at a majorly reduced price, but when it comes to the Gramercy Park Hotel, not so fast. Rosen is trying to buy out hotel partner Ian Schrager, the Journal reports, in an effort to hang onto the property despite defaulting on the loan this year. Rosen might not find it so simple to hang onto his assets at Midtown's swanky Core Club, where the loan has been in default for more than a year. One financing suggestion: sell off some of that art.
Nor are Rosen and Schrager the only beleaguered developers these days. Downtown at FiDi's W hotel/condo (right), Joe Moinian is finding himself in a similar spot of trouble, fighting off investors who are eyeing a for-sale junior loan on the property. This isn't exactly new territory for Moinian, since there's also a possible foreclosure in the forecast for 3 Columbus Circle. Sounds like it's time for that Moinian troubled buildings support group!
· End Game for Developers [WSJ]
· Gramercy Park Hotel coverage [Curbed]
· W Hotel and Residences coverage [Curbed]