Ross and Portelli of Highcap Goup broker $14 million Roslyn Hotel sale; 77-key property sold to 935 Lakshmi; Buyer advised by Bridgeton Holdings

May 02, 2017 - Long Island
Laurence Ross.
Highcap Group

 

Christen Portelli,
Highcap Group

 

Roslyn, NY Laurence Ross and Christen Portelli, managing principals of Highcap Group LLC have brokered the sale of The Roslyn Hotel located at 1221 Old Northern Blvd. According to public record, the property sold for $14 million.

The 77-key, 54,000 s/f hotel is situated on three acres and features a 4,800 s/f conference center and banquet hall with full kitchen, business center, gym, lobby bar, and multi-level parking garage. The sale also included an adjacent one-acre parcel which will allow for future development plans. It is also close to the Miracle Mile / Americana Manhasset Mall, Harbor Links Golf Course, LI University, St. Francis Hospital and nearby business industrial park.

1221 Old Northern Blvd. - Roslyn, NY

The property was sold to a Long Island-based real estate investment company, 935 Lakshmi, LLC. The buyer was advised by Bridgeton Holdings, LLC through the sales process. 935 Lakshmi  plans to reposition the property into a boutique hotel featuring a restaurant with lounge and event facilities. 

Ross, said, “The location of this Gold Coast property creates a unique opportunity to capitalize on the burgeoning area which features an array of popular eateries and quaint shops.” 

Portelli said, “It is also directly opposite the  brand new Roslyn Landing condo development featuring million dollar townhomes and single family residences as well as luxury mixed-use rental which will act as a draw along with the nearby hospital, universities and industrial park.”