Brack Capital Real Estate (BCRE) trades The James New York for $85 million; Assisted by CitiGroup

According to Brack Capital Real Estate (BCRE), a global real estate investment and development company, The James New York, located at 27 Grand St., was sold for $85 million. Operations will remain unchanged at this SoHo destination as Denihan Hospitality Group will carry on management, along with chef David Burke. "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 BCRE. "BCRE has been honored to work closely with such an ingenious and forward-thinking company as Denihan, and we are confident The James New York will continue to see success under the new ownership." CitiGroup was instrumental in arranging the sale of this property. Completed by BCRE in fall 2010, The James stands as one of the downtown's most in-demand hotels for travelers and locals alike. Designed by ODA in collaboration with Perkins Eastman and Thomas Schlesser, the property features guestrooms and suites; amenity spaces; restaurants David Burke Kitchen and the Garden at David Burke; and a rooftop lounge, called Jimmy, which includes city skyline views, a pool with cabanas and a bar with indoor and outdoor seating. BCRE has developed more than 3 million s/f of office, hotel and retail space as well as 3,000 residential units internationally. The company's New York portfolio includes premier properties such as 15 Union Sq. West; The Greystone Hotel, at 212 West 91st St.; 90 West St.; the Element, at 555 West 59th St.; The Olcott, at 27 West 72nd St. and The Hilton Garden Inn, at 63 West 35th St. The company is currently developing boutique hotels in Times Sq., 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. Under the direction of Denihan Hospitality Group, The James New York has also been established as an influential curator of artwork. In homage to the creative energy of SoHo, The James New York features a diverse collection from local and international artists, both prominent and up-and-coming. Accommodations at The James New York include corner rooms with panoramic city views, one-bedroom suites and an impressive penthouse loft on the 15th floor. Every guestroom includes carefully honed reclaimed materials complemented by a serene color scheme, to create a modern and inviting space. Additionally, the amenity spaces are bright and expansive, offering open, inviting common spaces not typically seen in comparable boutique properties. The James New York stands at the corner of Grand and Thompson Streets in SoHo. The iconic neighborhood features some of the City's best cultural offerings and destinations for entertainment including top-rated dining, eclectic shopping and notable art galleries. The James New York also offers a convenient location for visitors to explore the best the city has to offer.