Leary of CPEX Real Estate sells hotel lease for $9.55 million; Purchased by The Brooklyn Hotel Group

Brooklyn, NY CPEX Real Estate recently sold a long-term ground lease with an operating hotel on the property located at 17 Seabring St. in Red Hook. The Brooklyn Hotel Group purchased the existing lease for $9.55 million, or $118,000 per key. The four-story hotel was built ground-up in 2011 and opened that same year as the Comfort Inn Brooklyn Cruise Terminal. Renovated in 2013, the hotel has 81 rooms with 52 parking spaces, and over the past three years has an average occupancy of more than 75% at an average daily rate of  $106. The lease commenced in 2008. A team led by CPEX managing partner Brian Leary represented the seller, Sarifi LLC, and procured the buyer, The Brooklyn Hotel Group. CPEX provides a full range of services for both real estate and business owners through our innovative operating platform and entrepreneurial culture. CPEX implements a team-based approach in which each group is focused on a specific business line, product type and definitive specialization in each market we cover. Our services include sales, leasing, acquisitions, and advisory.