Northgate Real Estate Group recently announced the successful sale of 291 Livingston Street, a hotel currently under construction in downtown Brooklyn. The property was sold to Midas Hospitality for $35 million through a Chapter 11 bankruptcy sale. This impressive 22-story hotel spans over 50,914 square feet and boasts 104 rooms. Additionally, it benefits from a coveted ICAP eligibility that offers significant tax savings for the next quarter century.
Located less than half a mile from Atlantic Terminal and Barclays Center, this prime location is just minutes away from three major subway stations: Nevins Street, Hoyt-Schermerhorn Street, and DeKalb Avenue. While the names of both buyer and seller were not disclosed at this time.
According to Greg Corbin of Northgate who brokered the transaction alongside Chaya Milworn and Felix Ades: “This bustling neighborhood in Brooklyn is one of its most dynamic areas which makes it an exceptional asset once completed.” Milworn also noted that Midas Hospitality has plans to operate under either Wyndham or Hyatt brand name while leveraging substantial tax benefits thanks to its ICAP eligibility status.
The article originally appeared on Connect CRE website as “Downtown BK Hotel Sells for $35M”.
