BROOKLYN HEIGHTS — THE FINANCIALLY-TROUBLED BOSSERT HOTEL may have a new ray of hope for reopening now that an investment firm that bought a $112 million note against the building is in talks with the developer, The Real Deal reports. Developers Joseph Chetrit and David Bistricer had in 2013 purchased the 14-story building from the Jehovah’s Witnesses with the promise of restoring the iconic hotel to its former splendor and began renovations within the year. However, a series of financial hurdles then delayed the project, including Chetrit’s buyout of Bistricer’s interest in the project, the pandemic and the later default of a $112 loan that Chetrit had secured. Sources told The Real Deal that the Chetrits are in negotiations with Beach Point Capital Management, which bought the $112 million note. After a foreclosure auction was postponed multiple times, the loan was then marketed with Beach Point Capital as the buyer.
The Bossert Hotel is now 115 years old; lumber magnate Louis Bossert built the structure in 1909. The storied hotel, which gained the nickname “Brooklyn’s Waldorf Astoria,” was the setting of the Brooklyn Dodgers’ 1955 World Series victory party. It was also the birthplace of children’s author and illustrator Barbara Cooney (1917-2000), whose maternal grandfather was Louis Bossert.
Brooklyn Eagle photo by Lore Croghan
Brooklyn Eagle photo by Francesca N. Tate
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