June 6, 2024

Northgate Real Estate Group has announced the sale of 291 Livingston Street, a mid-construction hotel in downtown Brooklyn, to Midas Hospitality for $35 million in a Chapter 11 bankruptcy sale. The 22-story, 50,914 square feet hotel will feature 104 keys and benefit from a 25-year ICAP eligibility, offering tax savings. The property is located less than 0.5 miles from Atlantic Terminal and Barclays Center, and a three-minute walk from the Nevins Street, Hoyt-Schermerhorn Street, and DeKalb Avenue subway stations. Names of the buyer and seller were not disclosed.

“This is one of Brooklyn’s busiest and most vibrant neighborhoods and will be an exceptional asset once completed,” said Greg Corbin of Northgate, who brokered the transaction along with Chaya Milworn and Felix Ades. Milworn noted that Midas Hospitality could operate the hotel under a Wyndham or Hyatt brand, leveraging substantial tax benefits from the ICAP eligibility.