Red Hook Comfort Inn Hits the Market at $11.5M [Updated]
A Comfort Inn in the Red Hook area of Brooklyn has hit the market for $11.5 million, according to marketing materials from CPEX Real Estate. The amount equates to $142,000 per key.
The 81-room limited-service Comfort Inn Brooklyn Cruise Terminal, located at 17 Seabring Street between Richards and Columbia Streets, was erected in 2011 and was renovated in May 2013. With options, the lease runs through 2089.
The 29,672-square-foot hotel is four stories and has 52 parking spaces.
CPEX’s Brian Leary, Scott Burk and Keat Chew are marketing the property.
Sri Sai Sidhivnayak LLC is the owner of the hotel and the leasehold. The lease was assigned on Nov. 15, 2011 for $8.8 million, property records indicate.
“The owner [358 Columbia Realty Corp.] is selling the property because the operating partner is an out of state owner who no longer wants to travel a significant distance to manage the property, and plans to pursue more passive investment opportunities,” Mr. Burk said.
Update: This story was edited to include comments from one of the brokers marketing the property as well as information on the owner and the lease.