Hotel Developer Buys Vacant Site

BROOKLYN, NY-A 187- by 80-foot development site at 300 Schermerhorn St. was sold to Tyler Hospitality in an all-cash transaction valued at $11.9 million. The hotel developer and operator plans to construct a 14-story, 250-room Holiday Inn, a source close to the deal reveals to GlobeSt.com.

Nevins Realty sold the property for $143 per buildable sf to the same company who is currently building a 300-room hotel in Times Square and another hotel near JFK airport, simply because “the price was right,” the source notes. This will be the developer’s first presence in Brooklyn.

The property is located in Downtown Brooklyn on Schermerhorn between Nevins and Bond Streets, in close proximity to the transportation hub Atlantic Terminal and several colleges including Long Island University and Brooklyn Law School. The as-of-right buildable square footage is approximately 83,000 sf.