Crain’s New York Business reports that Cornell University signed a lease of up to 86 years with The Hotel at Roosevelt Island—a “dream team” of hospitality industry veterans—to open a brand-new urban boutique hotel in the 18-story, 224-room property on Roosevelt Island in New York City.
Crain’s reports that The Hotel at Roosevelt Island team, which includes senior executives from HEI Hotels + Resorts and other national operators, signed the lease with Cornell University on October 12.
The article also details The Hotel at Roosevelt Island team’s petition to evict AJ Capital, the former lessee that previously ran the property as a Graduate by Hilton before shuttering it in November 2025.
Brewer, Attorneys & Counselors represents The Hotel at Roosevelt Island.
The Hotel at Roosevelt Island team filed suit in New York State Supreme Court in Manhattan on October 21. According to the filing, AJ Capital lost its lease in April but has not surrendered possession, has secured the property with an outside security company, and has admitted no guests since the closure.
“The hotel is phenomenally situated and has great views of the skyline, so the new team is very excited about the prospects for the long-term success of this asset,” William A. Brewer III, partner at Brewer, Attorneys & Counselors, told Crain’s New York.
Crain’s notes that Cornell is separately pursuing AJ Capital for alleged unpaid rent. It also reports that lender ACRES Capital is pursuing AJ Capital over an alleged mortgage default on the site. Brewer, Attorneys & Counselors represents ACRES in that matter.
The Real Deal also reports on the eviction proceedings, examining the broader legal dispute involving the shuttered hotel, AJ Capital, Cornell University, and ACRES Capital. The outlet notes that the new hotel entity is affiliated with ACRES and negotiated its lease directly with Cornell rather than acquiring AJ Capital’s previous leasehold interest.
“They made a loan, they hoped the loan would be paid,” Mr. Brewer told The Real Deal of his client. “The building was empty, my client saw an opportunity to take an asset they were already familiar with and to apply for a lease.”
Crain’s: Read more here.
The Real Deal: Read more here.