SomeraRoad Brands the Bossert Ritz-Carlton; the Seller Funded 71%

SomeraRoad is branding the 1909 Hotel Bossert at 98 Montague Street in Brooklyn Heights as Ritz-Carlton Residences under a deal with Marriott International, announced September 15. It is reported as the first Ritz-Carlton Residences in Brooklyn. The capital structure is the part the announcement leaves out: the lender that took the building back also sold it and financed most of the price.

Why it matters

A Brooklyn Heights landmark that spent roughly a decade stuck in foreclosure is being recapitalized as branded for-sale product at a level Brooklyn has not had. For a developer, the decision this informs is whether a branded-residence flag now underwrites in Brooklyn the way it has in Manhattan and Miami, because the brand fee and the longer delivery schedule only pay for themselves if the price premium is real. For an agent, it is a new comp set in a submarket with almost no new luxury condo supply. Note the timeline honestly: a 2029 completion on a 2025 purchase is a four-year hold before the first closing, and that is the actual constraint on the business plan.

The numbers

ACRIS confirms the $100,000,000 price. The deed was dated May 23, 2025 and recorded May 28, from BP Holdings Goldenrod LLC, care of Beach Point Capital Management, to Bossert Propco LLC, care of SomeraRoad. Beach Point had taken the deed from Chetrit Group’s 98 Montague LLC a month earlier, on April 22. On the same day as the sale, Bossert Propco recorded a $71,010,778 mortgage to a Beach Point affiliate, Bellwether Asset Services LLC. The seller financed 71.0% of its own exit.

Against PLUTO’s 187,200 sq ft, the purchase works out to $534 per sq ft, on a 15,600 sq ft R6 lot assessed at $23,520,600, or 4.25 times assessment. The Chetrit partnership paid $81,000,000 in November 2012, buying from the Watchtower Bible and Tract Society.

DOB records show demolition, not conversion. Filed construction cost across the 2026 jobs totals roughly $1,108,772, led by a $719,000 interior demolition permitted May 26, a $160,000.20 temporary standpipe permitted July 21, and $64,950 of sprinkler work permitted September 8.

What’s next

The Landmarks Preservation Commission approved the rooftop addition and cornice work this month after declining to vote in June. The unit count is unsettled: coverage before the announcement described 61 condominiums for 2028, while the branded announcement has been reported at 62 units and, elsewhere, 70, both for 2029. No DOB filing proposes any of them. Every SomeraRoad-era job still lists 284 existing and 284 proposed dwelling units, the hotel count, so nothing on file yet describes a condominium at all. That application, and its cost, is the next real number.

See our coverage of the Bushwick loft building that sold 24% below its 2016 price and the New York market.