Still Under Construction Brooklyn Hilton Hits Market, Could Fetch Up To $500k Per Key
The 196-room Brooklyn Hilton may not be open for business until later this year, but that hasn’t stopped the developers from placing the property up for sale.
Eastdil Secured has been tasked by The Carlyle Group and Flank to sell the condo interest in the hotel, located in the Boerum Hill section of Brooklyn at 140 Schermerhorn St at the corner of Smith Street. One estimate says the hotel could fetch as much as $400k to $500k per key, placing its value between $78.4M and $98M, the Commercial Observer reports.
The Brooklyn Hilton is scheduled to open in Q4 of this year, and will include over 2,000 feet of meeting space, a restaurant and bar, a fitness area and a lounge. The hotel is part of The Boerum, a large-scale, mixed-use condo and retail development at 265 State St. Carlyle and Flank purchased the site in 2012 for $38.5M.
The New York hotel boom shows no signs of slowing anytime soon, and there remain several large projects in the pipeline. On the sales front, Maefield Development picked up a stake in DoubleTree Times Square back in December for a cool $540M. [CO]