Jungreis and Cohen of Rosewood close $81 million Bossert Hotel sale

Rosewood Realty Group has closed on the $81 million sale of the Bossert Hotel, once known as the Waldorf Astoria of Brooklyn at 98 Montague St. in Brooklyn Heights. Rosewood's president and founder Aaron Jungreis represented the buyer, developers David Bistricer and Joseph Chetrit, who bought the 103-year-old 14-story hotel. Rosewood's Devin Cohen represented the seller, Jehovah's Witnesses /Watchtower Bible and Tract Society of N.Y., who have owned and run the hotel since 1983, using it as a community facility for both long-term and short stays by their members. "Despite market shifts we kept our relationship going with Jehovah's Witnesses," said Cohen. "With the market rebounding it was the right time to make the deal." "The Bossert is the most iconic building in Brooklyn," said Jungreis. " It is beautiful." The developers plan to expand the number of hotel rooms from 224 to 302 and also add a rooftop bar and restaurant and expect to charge about $300 a night, Bistricer said in August at a meeting of the Brooklyn Historical Society. The hotel, he said, would not be flagged by any major hotel chain, and would continue to be named after its original developer, lumber magnate Louis Bossert. Bistricer said the hotel is undergoing some renovation to interior spaces, and is expected to open next summer. Average room size is expected to between 225 and 300 square feet. The Bossert Hotel was built in 1909 and is where the Brooklyn Dodgers celebrated their one and only World Series victory in 1955. Rosewood Realty Group is a boutique commercial real estate brokerage firm based in Manhattan that specializes in sales of multi-family, retail, office, land and development properties in the York City metro markets. This year, Rosewood --- which has already closed over 77 deals and $1 billion in sales --- is on track to beat last year with an estimated 100 deals.