The Brooklyn Union Hotel

UNDER CONTRACT

• Fee-simple interest in the REO, non-union, independent 42-room Brooklyn Union Hotel
• Property is ideally located in the Gowanus neighborhood of Brooklyn and is offered at a substantial discount to replacement cost
• Recent neighborhood rezoning approval in 2022 has been instrumental in fostering new projects and forward-looking growth prospects
• Unencumbered of brand, management, and debt, providing prospective buyers with an opportunity for alternative branding or use pending zoning approval
• Favorable tax abatements via the Gowanus industrial & commercial incentive program will benefit a new buyer and continue through 2037
• Walkable to the Brooklyn Atlantic Terminal Transportation Hub offering connections to numerous subway / commuter lines, including the 2, 3, 4, 5, B, D, N, Q, R, and the Long Island Railroad
• Walkable to the Brooklyn Barclays Center – the 17,000-capacity arena that is home to the NBA Brooklyn Nets and the WNBA New York Liberty
• Walkable to Brooklyn’s famed Prospect Park – home to the Brooklyn Museum, Brooklyn Botanical Gardens, and Prospect Park Zoo
• Walkable to the 651-bed New York-Presbyterian Brooklyn Methodist Hospital – an academic medical center that provides a comprehensive array of medical services such as emergency medicine, cardiology, oncology, and pediatrics
• Readily accessible to all core Brooklyn corporate demand, including Brooklyn’s famed Tech Triangle, which is home to Etsy, Social Chain, and United Technologies
• New York City welcomed +62MM visitors, a nearly 10% increase over 2022 – largely fueled by a 23% surge in international travel compared to the previous year
• City officials project continued growth with upwards of 68MM visitors in 2024 and continued growth there-after fueled by multi-sector demand growth and one-time events such as the FIFA World Cup in 2026
• Situated approximately 11-miles from New York’s LaGuardia Airport – the recent recipient of a $25B renovation
• Situated approximately 11-miles from New York’s JFK International Airport – currently undergoing a $19B renovation
• Accessible to New York City’s three primary airports – LaGuardia Airport, Newark International Airport, and JFK International Airport – which served a combined record 144 million passengers in 2023 (a 3% improvement over 2019)