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
Robert Levine knows what sells. He had a shell at 360 and made it into a modern condo development. This is a different project with different assets. I expect large family-sized condos with a historic flavor (cf, The Plaza)
Robert Levine hires architects more into trendy kitchen and bathroom decor than historic preservation. Some of the changes to the 360 Furman St facades would not have passed muster had it been in the landmark district.
None of the grand rooms at the Bossert are protected although the exterior is.
some interiors are landmarked. I think of Gage& Trollers. Not sure about this one.
typo, loser not looser.
It will be interesting to see where the transaction price ends up as the last asset the Watchtower disposed of was the Standish (169 Columbia Heights – 75,000 gross sf) at $50M or $670 psf. If you apply the same psf number to this property you get to $125M. I would be surprised if it went for that much. Not that it is comparable but I believe Levine acquired One Brooklyn for $250 psf.
Brownstoner – Average end-user pricing will have to be way north of $1,000 psf to accommodate the major capital improvement dollar amount required to convert this bldg to condos, if that is what they intend to do.
If it is converted to condos you can expect an above average common charge to fund the costly on-going maintenance program that will be required to keep all that decorative stone work stable.
If the property trades for less than $670 psf the real looser here will be the new 169 Columbia Heights owner.
The Landmarks Commission has no jurisdicton whatsoever over the historic interiors. None. that is why I’m concerned.
Marquee
“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.”
FWIW, I believe the Landmarks Commission reviews demolition plans for floors visible from the street. I think (but am not certain) they may have jurisdiction and can prevent removal of historic detailing. My hope is that the developer is smart enough to realize the detail is an asset to hold onto.
This is solid-as-a-rock pre-war construction. It will be easy as pie to gut all existing partions and create new floorplans ala the Stanhope or the Plaza or the Gramercy Park Hotel. Why would you want to use any of the old SRO-era layouts?
This has the potential for being a spectacularly successful development. It will create the most-sought-after housing in the Heights: three and four bedroom luxury apartments with concierge and doorman. Golden.