Toby Moskovits in Talks to Sell the Williamsburg Hotel: Sources

Toby Moskovits is considering selling the Williamsburg Hotel, sources told Commercial Observer.

Multiple sources said that—while no formal bidding process was in place—two interested parties have made substantial offers between $850,000 to $900,000 per key on the hotel at 96 Wythe Avenue—bringing a potential sale price for the 150-key asset to around $135 million at the upper end.

Sources told CO that Brookfield Property Partners was one of those bidders, and up against another real estate investment trust. Representatives for Brookfield declined to comment.

When contacted by CO today, Moskovits denied that the Williamsburg Hotel is for sale.

Moskovits’ Heritage Equity Partners bought the site for the eight-story hotel in 2012 for $4.85 million. Benefit Street Partners, with whom she tussled with over her multifamily development at 564 St. Johns Place, provided a $68 million loan for its development in 2017.

Located on Wythe Avenue and North 10th Street, the hipster- and pet-friendly hotel was designed by London-based design firm Michaelis Boyd Studio. Amenities include a rooftop pool, and a bar in a water tower, with views of Manhattan and cocktails and food by name-brand chefs.

from Commercial Observer https://ift.tt/2XZOVlY

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