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Ian Ross Of SomeraRoad Acquires Hotel Bossert In Brooklyn From Carl Goldsmith For $100M
SOLD
$100,000,000
New York
See Similar DealsHotel
Sold 05/28/2025
SOLD
Ian Ross Of SomeraRoad Acquires Hotel Bossert In Brooklyn From Carl Goldsmith For $100M
98 Montague Street
See Similar DealsHotel
Sold 05/28/2025
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Sale
The transaction involved the sale of a hotel asset located at 98 Montague Street in Brooklyn. The property was sold for a total of $100,000,000. The asset type is classified as a hotel.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $100,000,000
- Buyer: Ian Ross - SomeraRoad
- Seller: Carl Goldsmith - Beach Point Capital
- Date of Transaction: 05/28/2025
Ian Ross represented SomeraRoad in acquiring the property, which was previously owned by another entity before Beach Point Capital foreclosed on those owners. Carl Goldsmith represented Beach Point Capital in the sale of the property.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,333,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$355,278.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$474,051.02
Annual Debt Service$5,688,612.21
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