MCR Hotels has signed a 99-year ground lease for Manhattan’s Gramercy Park Hotel, a 1920s landmark that closed during the pandemic and was foreclosed on last year.

MCR plans to renovate the 200-room Gramercy Park and reopen it in about two years as a boutique luxury hotel, according to a report in the Wall Street Journal.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.