Heritage Equity Partners is planning to develop a boutique hotel in the increasingly gentrifying Williamsburg market, company CEO Toby Moskovits announced today at the Brooklyn Real Estate Summit.
The real estate development company is expected to close on the proposed hotel site, located on 96 Wythe Street, sometime in the next two weeks, The Real Deal reports.
The 150-room hotel, which sits on a site that totals 16,875 square feet, is expected to be completed sometime in the next two years. Ms. Moskovits said that the company is speaking with several possible operators for the hotel.
“We’re bullish about the whole commercial nightlife area in Williamsburg,” said Ms. Moskovits, who was speaking at the TerraCRG-hosted event at St. Francis College.
The firm is also planning a 50-unit residential building on 310 North 7th street, which acquired the 70,000-square-foot site last week for $9.5 million. Asking rents for the building are expected to be $55-to-$60-a-square-foot.