MCR Development pays $41M to Rockpoint Group, Highgate Holdings for hotel in Grand Central

MCR Development through the entity MCROPP New York Royal44 LLC paid Rockpoint Group and Highgate Holdings’s 44th Street Hotel Owner Lp $40.8 million for the Royalton at 44 West 44th Street in Grand Central. The deal closed on September 4, 2020, and was recorded on September 8, 2020. The transaction consists of 1 parcel, including the tax class boutique hotel 10-100 rooms (HB). The property is 103,750 square feet. The parcel(s) have total development potential of 103,750 square feet.
The average sale price per square foot is $394. The signatory for the buyer was Kym Janney

The contract date was July 24, 2020. The last time the property sold was August 1, 2017, when Rockpoint Group and Highgate Holdings bought it for $53 million.  The sale price is 24 percent off the 2017 price of $53 million. Published reports said the total sale price for this 2020 purchase was $44.8 million.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $843,330.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: A prior version of this post misspelled the name Rockpoint.