In 2005, Schrager sold Morgans Hotel Group, a company he founded, to create Ian Schrager Company, which owns, develops and manages hotels, residential and mixed-use projects. Since then, he has collaborated with Julian Schnabel to transform the Gramercy Park Hotel in New York City (which he no longer owns). Schrager has also built two residential properties: 40 Bond and 50 Gramercy Park North. 40 Bond was designed by Swiss architects Herzog & de Meuron as their first residential project in America.