NEW YORK CITY–Brack Capital Real Estate announced Thursday that the James New York, located at 27 Grand St., was sold for approximately $85 million to an undisclosed buyer. CitiGroup was instrumental in arranging the sale, according to the announcement. Operations will continue to be overseen by Denihan Hospitality Group.

“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,” says Issac Hera, CEO of Brack Capital Real Estate-USA. “This sale offers BCRE an opportunity to continue building our presence in today's thriving marketplace."

BCRE has developed more than three million square feet 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 Square West; the Greystone Hotel, at 212 West 91^st St.; 90 West Street; the Element, at 555 West 59^th St.; the Olcott, at 27 West 72^nd St. and the Hilton Garden Inn, at 63 West 35^th St. The company is currently developing boutique hotels in Times Square, at 218 West 50^th St., and the Lower East Side, one property at 189 Bowery St. and another at 180 Orchard St., a planned Indigo hotel.