An abandoned building once known as “The Waldorf-Astoria of Brooklyn” is getting a second life as the borough’s first branded residence.
More than a year after SomeraRoad acquired the former Hotel Bossert out of foreclosure, the investment firm and Marriott International unveiled plans to convert the landmark property into The Ritz-Carlton Residences.
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SomeraRoad bought the Brooklyn Heights building for $100M in May 2025 following years of stalled redevelopment attempts by the Chetrit Group.
A spokesperson for the project declined to provide details on the latest redevelopment plans, but an offering plan, submitted to the New York Attorney General on July 30, indicates the residences will have 62 condo units and 23 storage units. Danny Meyer’s Union Square Hospitality Group plans to debut its first full-service Brooklyn restaurant on the 14-story building's ground floor.
SomeraRoad, founded by Brooklyn Heights local Ian Ross, has already received the Landmarks Preservation Commission’s approval to redevelop the 117-year-old property at 98 Montague St. The go-ahead was granted earlier this month after the developer agreed to scale back previously planned rooftop additions and mechanical equipment.
"The Hotel Bossert has long stood as one of Brooklyn's most iconic buildings, and we are honored to help write its next chapter," Ross said in a statement.
Built by lumber magnate Louis Bossert, his eponymous hotel opened in 1909 and was enlarged to 375 rooms in 1912. The Renaissance Revival-style structure was designed by Helmle & Huberty.
SomeraRoad plans to restore and preserve the building’s original geometric-pattern brick facade, granite and limestone base, terra-cotta cornice and window details, arched double-height windows, cast-iron railings and lion's head keystones, according to a Tuesday press release.
The redevelopment will also add amenities and a 24-hour staffed lobby under The Ritz-Carlton’s brand.
Construction is expected to begin later this year, with completion anticipated in 2029. Serhant has been tapped to sell the property.
Marriott Chief Development Officer of U.S. Luxury Brands and Global Mixed-Use Dana Jacobsohn said in a statement that the neighborhood is a “fitting match for a brand renowned for timeless elegance.”
“Brooklyn Heights is defined by its unique blend of historic charm and contemporary culture, and it is the perfect destination to mark the 50th standalone residence in the brand’s global development portfolio,” Jacobsohn said.
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The hotel has a long history and was once considered a social hub for New York’s elite. It featured a two-story restaurant and club dubbed Marine Roof, which was patronized by celebrities and politicians, including former Mayor Jimmy Walker and former Gov. Al Smith.
In the 1950s, several Brooklyn Dodgers players lived in the building. Following the team’s win over the New York Yankees in the 1955 World Series, fans gathered in the lobby, singing For He's a Jolly Good Fellow in honor of Dodgers manager Walter Alston.
The property’s history also has a darker side — Charles Armijo Woodruff, a one-time governor of American Samoa, and Congressman Thomas Magner, both died in the building.
Eventually, Hotel Bossert fell into disrepair. The Jehovah’s Witnesses purchased the property in 1988 and worked to restore the building to its former glory. At the time, the 187K SF building was configured into 224 apartments.
In 2012, Joseph Chetrit and Clipper Equity’s David Bistricer bought the property for $81M, with plans to reopen the hotel under Kimpton’s brand. In 2019, following years of delays, Chetrit bought out his partner.
However, little progress was made in the years that followed. Wells Fargo moved to foreclose on the property in 2022, claiming that the Chetrit Group owed more than $126M on a $112M loan provided by Cantor Commercial Real Estate Lending in 2019.
Investment firm Beach Point Capital Management, which later bought the debt, won a foreclosure auction for the property in February 2025 before flipping it to SomeraRoad months later.
SomeraRoad identifies as an opportunistic investment firm, with a market capitalization of $3.5B. It boasts headquarters in Nashville and New York, though most of its 130 investments are outside the city and scattered across the country.
Its New York office is at One Hanover Square, a landmarked Lower Manhattan building the firm acquired in 2022.
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