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
12:47 is correct. i bid on this building (in the $85M range). The building has to be completely gutted above the first two floors to be useable. The rooms are tiny and do not have kitchens or proper bathrooms. Building can be very efficient if reconfigured. Views are great and the top floors can be converted to killer penthouses with 360 degree views and roof terraces facing the city. Also has a massive industrial catering kitchen in the basement.
yes, I understand the first floor interiors will be on the BH house tour on saturday.
tscola, I’m not sure as I have no association with the Brooklyn Heights House Tour or The Bossert, other than knowing one of the organizers. But try calling the number on this link, they should be able to anwer your questions.
http://www.brooklynheightsassociation.org/housetour/housetour.htm
Having toured the building when it was on sale, I can tell you that you absolutely can’t rent out these rooms as is and make any kind of serious return. The rooms are configured as dorm rooms. Tiny and most of them have no kitchen – maybe a sink and one of those dorm room refrigerators. The only thing you could do with it “as-is” is hotel or dorm rooms. Anything else requires a gut renovation.
Is this still going to be in the Brooklyn Heights House Tour this weekend?
11:58, I agree. This is one incredible building and, unlike other buildings, the closer one gets to this one, the more impressive it is. I think seeing the well-dressed individuals enter/exit and mill out front of The Bossert (forgetting for a moment whatever thoughts one might have of the JWs) is like a throwback to another era.
my hope is that the new owner/developer does not try to DUMBO-down the historic ground floor interiors including the front and rear lobbies.
Those spaces call for gilding and crystal chandeliers, not neon and minimalist concrete.
This really is Brooklyn’s Plaza Hotel.
itd — construction will take 9 months. move-in will be christmas 09
well, a lot of us in the business have heard it 11:36