- SomeraRoad and Marriott International will convert the landmarked Hotel Bossert into 62 condo units under the Ritz-Carlton Residences brand, Brooklyn’s first branded residence.
- The developer secured Landmarks Preservation Commission approval this month after scaling back planned rooftop additions, with construction slated to begin later this year.
- The project follows a turbulent ownership history, including a 2022 foreclosure and a 2025 debt sale, before Beach Point Capital flipped the asset to SomeraRoad.
A long-vacant Brooklyn Heights landmark is getting a second life as the borough’s first branded residence. SomeraRoad and Marriott International unveiled plans to convert the former Hotel Bossert into The Ritz-Carlton Residences, more than a year after SomeraRoad acquired the property out of foreclosure, according to Bisnow. An offering plan submitted to the New York Attorney General calls for 62 condo units, plus a ground-floor restaurant from Danny Meyer’s Union Square Hospitality Group.
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A Building With Nine Lives
Lumber magnate Louis Bossert built the hotel, while Helmle & Huberty designed it. The Renaissance Revival property opened in 1909.
By 1912, the hotel had expanded to 375 rooms. It became a social hub for New York’s elite.
Its rooftop restaurant and club, the Marine Roof, attracted celebrities and politicians. Former Mayor Jimmy Walker and former Gov. Al Smith were among its guests.
Several Brooklyn Dodgers players also lived there during the 1950s. Fans famously gathered in the lobby after the team won the 1955 World Series.
The hotel fell into disrepair by the late 20th century. In 1988, the Jehovah’s Witnesses converted it into 224 apartments.
The building then went through several failed redevelopment attempts. In 2012, Joseph Chetrit and David Bistricer bought the property and planned a Kimpton-branded reopening.
The Details
SomeraRoad bought the 187,000-square-foot building for $100 million in May 2025.
The purchase followed a foreclosure dispute. Wells Fargo moved to foreclose on Chetrit’s ownership group in 2022 over a $112 million loan from Cantor Commercial Real Estate Lending.
Beach Point Capital Management won the foreclosure auction in February 2025. The firm then sold the asset to SomeraRoad.
The Landmarks Preservation Commission approved the redevelopment earlier this month. SomeraRoad agreed to scale back its planned rooftop additions and mechanical equipment.
The project will preserve several historic features. These include the geometric-pattern brick facade, granite-and-limestone base, and terra-cotta cornice.
The plans also preserve the arched double-height windows, cast-iron railings, and lion’s-head keystones.
The redevelopment will add Ritz-Carlton-branded amenities and a 24-hour staffed lobby.
“The Hotel Bossert has long stood as one of Brooklyn’s most iconic buildings, and we are honored to help write its next chapter,” said Ian Ross, SomeraRoad’s founder and a Brooklyn Heights local.
Construction is expected to start later this year. Completion is targeted for 2029.
Serhant has also been tapped to lead sales.
Zooming Out
The deal adds to a fast-growing branded-residence pipeline across the U.S. Hospitality brands are increasingly attaching their names to housing, not just hotel rooms.
Marriott counts the Brooklyn project as its 50th standalone residence globally.
“Brooklyn Heights is defined by its unique blend of historic charm and contemporary culture, and it is the perfect destination to mark the 50th standalone residence in the brand’s global development portfolio,” said Dana Jacobsohn, Marriott’s chief development officer of U.S. luxury brands and global mixed-use.
The expansion now extends beyond luxury condos. Marriott has also entered branded apartment rentals.
That growth shows how important the model has become to hotel operators’ expansion plans.
Why It Matters
The project shows how distressed, landmarked hotels can find a second act through residential conversion.
A hotel reopening may no longer make financial sense for some aging properties. Residential conversion can offer another path.
SomeraRoad’s strategy follows that pattern. The firm moved from a defaulted $112 million loan to a debt trade and then to a branded residential relaunch.
The approach mirrors broader adaptive reuse strategies. Investors are using these strategies to unlock value in aging, well-located buildings.
Hotel operators have often struggled to modernize these properties.
SomeraRoad identifies as an opportunistic investment firm with a $3.5 billion market capitalization. Most of its roughly 130 investments sit outside New York.
That makes the Bossert a notable local bet. The firm’s New York footprint otherwise centers on its office at One Hanover Square in Lower Manhattan.
What’s Next
Landmarks approval clears the way for the next phase. The next milestones include a groundbreaking later this year and the launch of condo sales by Serhant.
The units will likely command a premium tied to the Ritz-Carlton name and the building’s 117-year history.
If the project finishes on schedule in 2029, Brooklyn Heights will gain its first branded luxury residence.
The project could also influence how other stalled hotel conversions in the borough move forward.
