Michael Federman's Red Pine Capital Partners Acquires Brooklyn Hotel For $10M

The property involved in this closed transaction is a hotel located at 611 Degraw Street in Brooklyn, New York. The hotel spans 13,000 square feet and consists of 42 rooms. The transaction price for this hotel was $10,000,000, resulting in a price per square foot of $769.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $10,000,000
• Address: 611 Degraw Street, Brooklyn, New York
• Market: Brooklyn
• Square Footage: 13,000 sf
• Price per Square Foot: $769
• Rooms: 42

The seller of the hotel was Greenwich Street Equities and Alec Shtromandel. The buyer, who completed the purchase through his company Red Pine Capital Partners, is Michael Federman. It is worth noting that Red Pine was previously a minority partner before buying out its partners.