Chetrit, Bistricer pay $81 million for Brooklyn’s Bossert Hotel

The former Bossert Hotel traded hands for $81 million, Rosewood Realty Group told The Real Deal today. The 103-year-old property, located at 98 Montague Street in Brooklyn Heights, was previously used as a Jehovah’s Witnesses community facility and will be turned back into a hotel.

David Bistricer and Joseph Chetrit bought the 14-story property in August and the sale officially closed last Friday. The purchase price was rumored to be around $90 million. Rosewood President Aaron Jungreis represented Bistricer and Chetrit, along with broker Devin Cohen, and the Jehovah’s Witnesses/Watchtower Bible and Tract Society of New York’s Real Property Department handled the transaction for the seller. (note: correction appended)

The property will not become part of any major hotel chain and it will bear the name of its original developer, lumber mogul Louis Bossert, as The Real Deal previously reported. The developers will increase the number of hotel rooms to 302 from 224. Average room size will span from 225 to 300 square feet and the rooms will go for $300 nightly.

The developers also plan to add a rooftop bar and restaurant. The property is currently undergoing some interior renovations. The hotel is slated to open next summer.