Carlyle Group, Flank Looking to Sell Brooklyn Hilton
By Lauren Elkies Schram March 2, 2016 6:15 pm
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The 196-room Brooklyn Hilton may not be opening in Boerum Hill until the fourth quarter of this year, but its developers have put the property up for sale. One hotel industry watchdog estimates it will sell for $400,000 to $500,000 per key, equating to a total of $78.4 million to $98 million.
The Carlyle Group and Flank have tapped Eastdil Secured to sell the condominium interest in the hotel, at 140 Schermerhorn Street at the corner of Smith Street.
Brooklyn Hilton is part of a larger mixed-use condominium called The Boerum and retail development, which has Goldstein, Hill West Architects as the architect of record. The hotel portion will include 2,376 square feet of meeting space, a lounge, full-service restaurant and bar as well as a fitness center.
Brooklyn Hilton is being sold “unencumbered of management and debt and is subject to a long-term franchise agreement with Hilton Worldwide,” the marketing flyer says. It is a beneficiary of the Industrial & Commercial Abatement Program (ICAP), which provides abatements for property taxes for periods of up to 25 years.
Carlyle Group and Flank bought the site for $38.5 million in November 2012, according to property records.
Adam Spies, one of the Eastdil brokers, with the listing, didn’t respond to requests for comment, and nor did Robert Stuckey, a managing director and the head of Carlyle’s U.S. real estate funds, or Ken Copeland, a principal at Flank.
