Starwood Puts Pierhouse Hotel Up For Sale

By on July 2, 2016 11:24 pm in brooklyn bridge park, Commercial Real Estate, News

Update: The Eagle now reports that someone “familiar with the issue” has said that Starwood has told Brooklyn Bridge Park “that it is not actively marketing the property at this time”. The Eagle has asked Starwood to comment, but has not yet heard back.

The Real Deal reports that Starwood Capital Group has put up for sale all three of its “1 Hotel” properties, one of which is the as yet unfinished 1 Hotel Brooklyn Bridge, which is the tallest portion of the controversial Pierhouse complex, located next to Pier 1 in Brooklyn Bridge Park. In the rendering, the hotel is the structure in the background, just to the right of the Brooklyn Bridge tower.

According to The Real Deal, “sources” say Starwood is trying to capitalize on the market now “[a]mid the boom in supply of New York City hotels”. in this context, consider the recent decision of its owners to convert much of the storied Waldorf Astoria to condos, following the pattern of its equally storied neighbor, the Plaza. Estimates of what Starwood is likely to get for its Hotel 1 properties range from above $1 million per room for the Hotel 1 Central Park to $1 million per room for the Hotel 1 South Beach in Miami Beach and $800,000 per room for Hotel 1 Brooklyn Bridge.

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  • Rick

    !*#@!?!?*!?

  • Jorale-man

    There was an article in the NY Times a few days ago on how crowded NYC sidewalks are getting. It has map showing that the largest percentage increase in pedestrian traffic in the city was at the north entrance to Brooklyn Bridge Park. That corner hasn’t seen anything yet.
    http://www.nytimes.com/2016/07/01/nyregion/new-york-city-overcrowded-sidewalks.html

  • William Gilbert

    So, it’s not going to actually be a hotel after all, but rather a condo-type thing. I bet this was the scheme from the beginning to get past any approvals.

    Is there a money trail from the hotel owner to any of the Mayor’s various funds?

  • gc

    This is all so out of control. It’s gotten to the point where something approaching a political revolution will be needed to get us back on a reasonable course.

  • http://selfabsorbedboomer.blogspot.com/ Claude Scales

    It’s not certain that a buyer would want to do a condo conversion, which would just add to the price. The building is being fitted out as a hotel, and it seems an especially attractive location for one.

  • Karl Junkersfeld

    Claude, you are absolutely right. A total alteration would have to take place to retrofit the inside of this structure. Plus, ideal location for hotel and more profitable.

  • StudioBrooklyn

    I love this. We should all just start having conversations using incomprehensible combinations of punctuation and mathematical symbols. After a year or so, the BHB quotes in Gothamist will be pretty interesting. They might even lose whatever argument they had for portraying our neighborhood as an enclave for racist elitism.

  • MaryT

    Aren’t there covenants, deeds or rights in the BBP plan that control property conversions and sales?

  • Concerned

    Please don’t give Gothamist that much credit. They simply have to go back into the archives and say, as they do: “All the while, Brooklyn Heights leader J. S. seems to have the pulse and support of the tony hood, as he threatens to grab his shotguns and go out hunting teenagers from nearby projects.”
    Gothamist is almost as dangerous as fox news. The only thing that saves it are 1) its readers are smarter and some can think for themselves, and 2) it has less viewership.

  • Concerned

    Probably. But you need lawyers, judges, and a million+ dollars in legal fees to enforce. The real estate lobby has all of these things in spades.
    Also, if there is a lawsuit to contain them, the battleground of the lawsuit will be the documents you suggest. But the real estate billionaires and their $1,200.00 an hour lawyers negotiated the contracts a long time ago with whatever plans they had in mind at the time. So, they were 100+ steps ahead of everyone else that wants to try and stop them, now.

  • AbeLincoln

    Yeah.. it’s crowded outside of Penn Station at 34th and 7th. Thanks New York Times.. I had no idea!

  • AbeLincoln

    Jake Hobkins or whatever his name is, has something against Brooklyn Heights. I think he secretly wishes he lived here.

  • AbeLincoln

    ^Jake Dobkin!

  • gc

    You’ve nailed the problem. They’ve got virtually all the cash in play, and all the political toadies that cash can buy. Stopping them will require people in the streets. I don’t hold out much hope.

  • gc

    Like all the other local real estate issues this will be decided by $$$. If a condo conversion generates the most profit that’s what it will be. As usual, the neighborhood will be talking to itself with no impact on the outcome.

  • La LA Land

    Ummm, so? Jesus: go live your lives, people. You are obsessed with this. Thousands of people live here and nobody minds the condos — either here or at the library — except a handful of people here and the real loons that show up in person to ‘protest.’

  • AbeLincoln

    um… ok “HereToStay”

  • Jorale-man

    A Disqus troll.

  • MaryT

    If Pier One wasn’t so damn ugly and out of proportion, people here might not be so upset. As it is, I wouldn’t want to live there. I see empty pieds-a-terre and tax dodges that destroyed a world-class urban vista.

  • Andrew Porter

    He means, “WTF?”

  • Rick

    Thank you, Andrew, that is just what I meant! I was thinking of the way they showed it in old comics.

  • judifrancis

    Not really, Karl. Converting hotel to condos is a typical real estate ploy. Check out what Trump has done for 20 years in Manhattan. We also predicted this back in 2004. Bottom line: there were many ways to pay for this park without housing but as soon as housing become the model, there went all the features the communities long advocated, and advocacy for parklands in the first place. This was always bound to be a real estate grab once allowed in the first place. A damn shame and wildly lost opportunities.