The Real Deal New York

Flank, Carlyle Group to sell condo interest in Brooklyn Hilton

The 196-key hotel is part of the Boerum development at 265 State Street

March 03, 2016 02:35PM

The Boerum Brooklyn Flank

The Boerum in Boerum Hill

Flank and the Carlyle Group plan to sell the condominium interest in the 196-key Brooklyn Hilton at 140 Schermerhorn Street in Boerum Hill.

The hotel, which may not open until late this year, is the first six stories of the larger condo and retail development known as the Boerum at 265 State Street.

The hotel features a lounge, restaurant, bar, fitness center and about 2,400 square feet of meeting space.

A source told the New York Observer it could sell for $78.4 million to $98 million — $400,000 to $500,000 per key.

Eastdil Secured’s Adam Spies has the listing.

Carlyle Group and Flank bought the site for $38.5 million at the end of 2012, according to property records.

Sales at the 20-story, 128-unit the Boerum launched in December 2014, and at least two units sold for more than $4 million — a neighborhood record, as The Real Deal reported. Corcoran Sunshine Marketing Group is handling sales at the Boerum.

The developers secured a $175 million construction loan for the project last July. [NYO]Dusica Sue Malesevic