6R Capital Group pays $29.7M to InterContinental Hotels Group for hotel in Boerum Hill

6R Capital Group through the entity T-R 46 Nevins Owner LLC paid $29.7 million to InterContinental Hotels Group through the entity 46 Nevins Street Associates LLC for hotel (H2) at 36-46 Nevins Street in Boerum Hill, Brooklyn.
The deal closed on November 1, 2021 and was recorded on November 15, 2021.
The property has 85,347 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $347 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on November 21, 2013, for $19 million.
The signatory for InterContinental Hotels Group was Robert J. Chitty. The signatory for 6R Capital was Shai Shamir.
(310172103)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 202 residential units on June 3, 2016. (310172103) Plans for a 202-unit, 72,357 square-foot R-1 were filed on July 29, 2008 and were permitted on April 18, 2014.
Shai Shamir has been a long-time executive with Brack Capital Real Estate.

There have been 44 hotel sales in the past 12 months, totaling $3 billion, but nearly all of those were in Manhattan. There were only three prior hotel sales in Brooklyn, for a total of $64 million. The most expensive was 61 Bond Street which sold for $45 million. This is the most expensive commercial sale in Boerum Hill in the past two years, PincusCo data shows.

Within a 400-foot radius of 36-46 Nevins Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on February 10, 2020 for a 115,881-square-foot R-2 building with 160 residential units at 308 Livingston Street.
Of those four items, two were sales above $5 million totaling $41.7 million. The most recent of the two was Lonicera Partners which bought the 12,070-square-foot, nine-unit office building (O5) on 275 Livingston Street and one other property for $28.9 million from Aview Equities on October 5, 2021.
One of those four items was a loan which Adam America Real Estate borrowed $30 million from Bank Leumi secured by five condo units in the N/A-square-foot, 371-unit mixed-use building (RM) on 10 Nevins Street and 77 other properties on September 11, 2020.

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