Brack Capital Nets $85M In Sale Of NYC Boutique Hotel

Law360, New York (May 2, 2013, 4:29 PM EDT) -- Developer and investor Brack Capital Real Estate has sold off the James Hotel in downtown Manhattan for about $85 million, shedding the property just three years after it opened, according to a Thursday announcement.

Under the deal, which was arranged by Citigroup Inc., Denihan Hospitality Group will continue to manage the property, and the boutique hotel will keep its brand flag, according to a statement. The buyer was not disclosed, and online New York land records did not reflect the sale or the deal.

“We were...
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