Hotel Bossert Likely to Spike Rents, Receipts in Heights

The reopening of the Hotel Bossert is at least a year away — it was supposed to open this summer — but real estate execs and nearby merchants are already predicting the influx of overnight tourists will drive up commercial rents and receipts in the area, the Brooklyn Daily Eagle reported. Hotel openings in general increase nearby retail sales by 20 percent to 40 percent, the story said. As for commercial rents, if potential new tenants start competing to open nearby, they could spike by at least 25 percent, according to Brown Harris Stevens/Halstead Director of Development Marketing Bill Ross. Real estate moguls David Bistricer and Joseph Chetrit bought the storied hotel at 98 Montague Street from the Jehovah’s Witnesses in 2012 for $81 million.
Brokers Predict Bossert Rebirth to Bring New Tenants, Rent Hikes [Brooklyn Eagle]
Hotel Bossert Deal Closes, Summer Opening Set [Brownstoner]