R.A.L. Companies & Affiliates is expected to buy the former Hotel Bossert at 98 Montague Street for $92 million and turn it into student housing, according to Robert Levine, president and CEO of R.A.L. Companies & Affiliates.
“It’s pretty much a done deal,” he said, adding that he expects to close on the sale by the end of the month.
The hotel, once known as the Waldorf-Astoria of Brooklyn, will now suffer the same fate as its cousin, the St. George.
Robert Levine made this amusing statement about the deal:
“It is truly a beautiful landmark building,” Levine said. He said his company intends to renovate the interior of the 140,000-square-foot building and turn it into student housing. R.A.L. would then sell or lease the building to a university.