Dermot Company, Poulakakos will redevelop Battery Maritime Building

The Dermot Company and the Poulakakos restaurateurs have closed on a 99-year lease of the Battery Maritime Building. The deal, which follows years of negotiations and a wait for financing, also includes a total of five 10-year options for renewal, the New York Post reported.

The landmarked space, located next to the Whitehall Ferry Terminal, will house a boutique hotel, restaurants, a live music venue, as well as a rooftop eatery and bar. A $60 million restoration of the structure was completed in 2006. Work included the installation of a new gutter and exterior lighting system and the restoration of the veranda on the fourth floor. The building is used as the Governor’s Island ferry terminal.

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Nearby, the Dermot and the Poulakakos family are in charge of the $36 million redevelopment of Pier A. [Post]