The Bossert Finds a Buyer
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,…
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
Stretched thin?
I should be so thin.
1 BBP will be a big success.
what are you talking about?
it is DUMBO in Brooklyn Heights.
The views are world-class. Looking out on to the Statue of Liberty is like looking out on to the Eiffel Tower or London Bridge. Are you daft?
I have to believe Levine is stretched thin at 360 Furman. Way behind in sales effort and the park “usable” date getting pushed back every few months. I can’t believe he came up with the cash to do this deal. While $90M or $500 psf is a good deal, relative to other assets of this size, appeal, condition and location, I don’t see any short-term upside and even if he locked up some type of triple net lease deal with a university there must be debt service and/or prefered equity due in the near term. While there is a significant amount of capital out there ready to be put to use in real estate investment cap rates are going to be moving up on most property types. Investors will soon have better alternatives than sitting on a white elephant in a neighborhood that has a diminishing need for it. Anyone know what the housing cost might be for the student in this location?
7:52, well that’s depressing.
I guess this is still Brooklyn.
Dogpatch to Manhattan’s Emerald City.
Student housing in our Waldorf Astoria?
That is pretty embarassing.
The building’s c of o is for “community facility” use. from what i understand, that would work for student housing. changing use on the c of o might require some type of public review (calling all heights NIBMY’s). the building also has a very quirky layout that will make it very hard to convert to condos as well as a lot of other challenges – no central heating / cooling, lots of “units” with no kitchens, no sprinkler, and a lot of subgrade space that will be difficult to put to economic use. good luck RAL. $90mm is not a bad price, but it will be a while before anything other than student happens here.
– someone who underwrote the purchase of this building
student housing? I so doubt it.
perhaps he is floating this canard as a way of reducing psychological competition with his Furman Street project. Of course this location has it all over Furman Street.
speaking of marquee, the Bossert could use a nice new marquee, but it should look more like the one at the Plaza than at BAM.
Valet parking will wisk your car away to….Atlantic yards!
5:32 Levine knows what sells? How do you figure? 360 Furman – A former industrial bldg with window sills so high you can’t even see out the window when you are seated, so close to one of the country’s busiest highways you can see the mileage on the commuter’s odometer, so detached from public transportation you need a taxi to get to the subway??? I am pretty sure any knucklhead could fit out a bldg shell with residential finishes. Last I checked, didn’t look like it was selling. And why would any developer set out to build family-sized condos in a borough that is projected to have the medium age rise by 15 years over the next two decades?
I agree that Levine knows what sells. I think the units at 360 Furman are really attractive. When the park is built and new ferries start operating to Wall Street, it will be one of the most pretigious addresses in the city, not just in brooklyn. The Bossert is different. It is an historic hotel. The sumptuos lobby and former dining and bar areas should be restored. I think that making it into a hotel/condo would be the best bet. hotel floors on the five or six lower levels, condos above with a stunning restaurant on part of the roof terrace. Done with class this could be stupendous.
STUDENT HOUSING????????????????????????????????