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When The Watchtower Group announced that it was selling one of its marquee Brooklyn Heights properties, The Bossert Hotel at 98 Montague Street, back in January, the big question quickly became whether they’d clear the $100 million mark. Well, from what we’re hearing, they have: According to a tipster who tends to know these things, Robert A. Levine, the same developer behind One Brooklyn Bridge Park (a Brownstoner advertiser), has locked up the deal for “north of $100 million.” Given that the 224-unit building has 200,000 square feet of space that could easily fetch $1,000 a foot post-renovation, it doesn’t seem like such a crazy price to us. Reached through his publicist, Levine had “no comment” on the deal (as opposed to a denial) and the Watchtower broker did not return our phone message before posting time.
Update: We’re now hearing through another source that the price was $90 million and that RAL plans to turn it into student housing, at least in the near-to-medium term.
Watchtower Divestment Continues: The Bossert on the Block [Brownstoner] GMAP


What's Your Take? Leave a Comment

  1. I really think that the lobby will be used as a definite selling point for any buyer of future condos in this building–it really is gorgeous, and the Witnesses have maintained it to highest standards. As for the rooms, they were mainly used as dorm-style housing for the married couple “Bethelites” who take a vow of poverty and work in the other buildings they own in Brooklyn. If they were used as dorms by the new owner, they are in excellent shape, but what a waste and not a likely idea for a building that could be redone and marketed as a very high-end property.

  2. 360 Furman/One BBP is a mess. Haven’t budged”40% sold” in a year. Maybe condos in parks ain’t such a good idea after all. Perhaps it’s time to scrap the foolishness on the piers and build a real park. That way the kids who will live in the Bossert may actually have a place to recreate (jogging past all the current residents of the Heights in their walkers).