SomeraRoad pays $100M to Beach Point for hotel in Brooklyn Heights

SomeraRoad through the entity Bossert Propco, LLC paid $100 million through a real estate owned to Beach Point Capital Management through the entity Bp Holdings Goldenrod LLC for the Bossert Hotel building (H9) at 98 Montague Street in Brooklyn Heights, Brooklyn. The expected use is cash flowing.
The deal closed on May 23, 2025 and was recorded on May 28, 2025. The property has 187,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $534 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 acquired the property on April 22, 2025, through a foreclosure. The signatory for Beach Point Capital Management was Allan Schweitzer . The signatory for SomeraRoad was Fergus Campbell . The contract date was May 15, 2025. Crain’s and The Real Deal reported on the sale yesterday.

SomeraRoad financed the purchase with a $71 million loan from Beach Point Capital Management.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer SomeraRoad had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Beach Point Capital Management purchased one property in one transaction for a total of $1 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jacob Bistricer, head officer and CF Bossert 26 Llc, shareholder. The business entity is Db Bossert Llc. The 187,200-square-foot property generated revenue of $21.9 million or $117 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Brooklyn Heights has 187,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 78 feet and is 200 feet deep with a total lot size of 15,600 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $50.4 million. The most recent loan totaled 0.0 and was provided by Beach Point Capital Management on April 25, 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received six DOB violations, $6,110 in ECB penalties, 13 housing violations, and $6,490 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 27, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Brooklyn Heights, The bulk, or 26 percent of the 12.1 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 2 times the average sales volume among other neighborhoods with $544.6 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Brooklyn Heights has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 20 commercial properties representing 255,176 square feet of the 291,771 square feet. The largest owner is Beach Point Capital Management, followed by Howard Moshman and then John Rosanelli.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 291,771 square feet of built space are hotel buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Beach Point Capital Management owned at least one commercial property in New York City with 187,200 square feet and a city-determined market value of $52.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Brooklyn.

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