Dermot out as developer of Battery Maritime Building hotel

Stoneleigh Capital signed letter of intent with the city for the project

New York /
Mar.March 16, 2016 03:30 PM

Unable to come up with the capital to finance construction, the Dermot Company is no longer redeveloping the landmarked Battery Maritime Building in Lower Manhattan. Instead, private equity firm Stoneleigh Capital appears poised to helm the project.

Tapped for the overhaul in 2006 under the Bloomberg administration, the Dermot Company was building a $150 million hotel addition to the four-story building next the Whitehall Ferry Terminal. The renovation and addition stalled with the project stalled as financial problems mounted for the Manhattan-based developer and landlord. Currently, about 55 to 60 percent of the work is done, Politico reported.

Enter Stoneleigh Capital, which signed a letter of intent with city’s Economic Development Corporation to take over the project. Stoneleigh will increase the number of hotel rooms by chopping the planned restaurant’s size and is looking at finishing the project by the end of 2017, according to Politico.

Under the Dermot plan, the historic Beaux Arts building was to hold 70 boutique hotel rooms, a rooftop restaurant and bar, and the Great Hall was to be renovated and transformed into a public and event space. It has not been released how much Stoneleigh plans to invest in the project.

The Battery Maritime Building, built in 1909, is used as Governor’s Island ferry terminal. A $60 million restoration was completed in 2006. [Politico]Dusica Sue Malesevic


Related Articles

arrow_forward_ios
Dermot Company partner Andrew Levison and 225 Schermerhorn Street in Boerum Hill (Google Maps, Dermot Company)
Dermot buys Boerum Hill rental for $142M
Dermot buys Boerum Hill rental for $142M
Midtown Equities' Joe Cayre and 10 South Street in Manhattan (Casa Cipriani)
Casa Cipriani owners land $100M refinancing
Casa Cipriani owners land $100M refinancing
Dermot pays $180M for apartment building… in Midwood
Dermot pays $180M for apartment building… in Midwood
Dermot pays $180M for apartment building… in Midwood
21 West End Avenue (Google)
West Side market slams Dermot condo for trashing sidewalk
West Side market slams Dermot condo for trashing sidewalk
Eliot Spitzer, 220 East 72nd Street and Andrew Levison (Credit: Getty Images, StreetEasy, Dermot Company)
Spitzer sells UES apartment building
Spitzer sells UES apartment building
Vanbarton takes small loss on $75M sale of Windsor Terrace rental building
Vanbarton takes small loss on $75M sale of Windsor Terrace rental building
Vanbarton takes small loss on $75M sale of Windsor Terrace rental building
Dermot, PGGM fund UWS acquisition with $260M Helaba loan
Dermot, PGGM fund UWS acquisition with $260M Helaba loan
Dermot, PGGM fund UWS acquisition with $260M Helaba loan
Dermot lands $120M loan for Hell’s Kitchen rental complex buy
Dermot lands $120M loan for Hell’s Kitchen rental complex buy
Dermot lands $120M loan for Hell’s Kitchen rental complex buy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...