Northgate Real Estate Group announced the sale of 291 Livingston Street, a mid-construction hotel in downtown Brooklyn. The buyer, Midas Hospitality, purchased the property in a Chapter 11 bankruptcy sale for just under $35 million.
The 22-story, 50,914 sq. ft. hotel will feature 104 keys and benefit from a 25-year ICAP eligibility, offering significant tax savings. The property is ideally situated less than 0.5 miles from Atlantic Terminal and Barclays Center and is a three-minute walk from the Nevins Street, Hoyt-Schermerhorn Street, and DeKalb Avenue subway stations.
“This is one of Brooklyn’s busiest and most vibrant neighborhoods, and will be an exceptional asset once completed,” said Greg Corbin of Northgate who, along with Chaya Milworn and Felix Ades, brokered the transaction.
Chaya Milworn noted that Midas Hospitality will have the option to operate the hotel under a Wyndham or Hyatt brand, taking advantage of the substantial tax benefits offered by the ICAP eligibility.
