$75M note on RFR’s Gramercy Park Hotel sold

A JPMorgan Chase Bank note with a maximum principal value of $75 million secured by RFR Holding’s Gramercy Park Hotel sold to an anonymous buyer. RFR is the ground tenant to landlord Solil Management, which manages the assets of the estate of Sol Goldman.

The entity RDAC 8 LLC acquired the note, with a maximum principal of $75 million and secured by the tax class luxury type hotel built prior to 1960 (H1) at 2 Lexington Avenue in Gramercy. The deal closed on January 12, 2021 and was recorded on January 22, 2021.
The property contains a total of 188,933 square feet of built space.

RFR is behind on ground rent payments to the Goldman family’s Solil Management, according to reports. ArtNet reported in December that a sign posted on the door of the hotel claimed RFR was nearly $900,000 behind in ground rent payments to landlord Solil Management. No foreclosure action has been filed against the RFR entities in New York State Court, according to a PincusCo review of court records.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $288,000.

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