Buy&Hold/Build (Hospitality): (366 Keys Hotel )+ (350 Unit Development) Brooklyn, NY + $360,000,000
- Promise Land Realty
- 4 days ago
- 4 min read
Multifamily Investment Opportunity
Price
360,000,000
OFF-MARKET | NAVY YARD RESIDENCES
Dual-Asset Hotel + Development Opportunity
Clinton Hill, Brooklyn — Directly Across from the Brooklyn Navy Yard
PURCHASE PRICE
$360,000,000
(Includes a 2% marketing consultant fee to be paid by the buyer and included in the purchase price)
Investment Overview
Navy Yard Residences is a rare, institutional-quality dual-asset investment combining immediate hospitality cash flow with large-scale rezoning-driven residential upside in one of Brooklyn’s most supply-constrained and fastest-growing corridors.
The opportunity consists of:
A newly constructed 366-key boutique hotel opening February 2026, and
An adjacent high-visibility development site with a defined and de-risked pathway to MX (M1-6A / R8) rezoning, enabling a 30–34 story residential tower with approximately 350–380 units.
This structure allows investors to generate NOI during the ULURP entitlement period, materially reducing carry risk while unlocking substantial long-term value.
Asset Summary
Asset 1: 29 Ryerson Street – Boutique Hotel
366 keys | 100% new construction
Scheduled opening: February 2026
Phased amenity rollout designed to drive ADR and NOI:
Lobby & coffee shop (Day 1)
Bar/restaurant & gym (Month 4)
9th-floor F&B venue (Month 6)
Rooftop pool (Month 12)
Ability to add 34 premium rooms through internal reconfiguration
Projected stabilized NOI: $21M+ annually
Asset 2: 256 Flushing Avenue – Development Site
9,017 SF prime corner parcel at Flushing & Ryerson
Combined zoning lot: 44,500 SF (via legal merger)
Target zoning: MX (M1-6A / R8) with MIH Option 1 (25% affordable)
Total residential buildable area: ~289,250 SF
Planned program:
30–34 story residential tower
350–380 residential units
8,000–10,000 SF of ground-floor retail
50–70 parking spaces
Value Creation Highlights
$50M–$70M rezoning uplift based on $250–$350 per buildable SF
Direct zoning precedent approved on the same corridor (47 Hall Street – August 2025)
Hotel NOI offsets entitlement carry during the 18–24 month ULURP process
Ability to allocate 100% of residential FAR to Flushing Avenue while maintaining uninterrupted hotel operations
Location & Market Fundamentals
Directly across from the Brooklyn Navy Yard (expanding from 12,000 to 30,000 jobs)
Minutes to DUMBO, Downtown Brooklyn, and Williamsburg
Strong transit access (G, A, C, F, B62, B69)
Clinton Hill / Prospect Heights ranked #1 hottest neighborhood in the U.S. (2025)
Projected absorption of 18–25 units/month, supporting rapid lease-up
Investment Thesis
This offering delivers current income + entitlement-driven appreciation in a single structure. The operating hotel produces durable cash flow while the rezoning process unlocks significant land value independent of future construction execution. The corridor-wide rezoning precedent materially reduces political and entitlement risk, positioning the asset for outsized, asymmetric upside.
Transaction Notes
Purchase Price: $360,000,000
2% marketing consultant fee paid by buyer and included in price
Structured recapitalization / senior refinance contemplated
Security: operating hotel + value-accreting development rights
Full zoning analysis, financial models, and ULURP roadmap available upon request
SUBMIT OFFERS
📩 Please submit all offers directly to:investments@promiselandrealtyllc.com
Inquiries / NDA Requests: investments@promiselandrealtyllc.com
Property Map
TEAM PROMISELAND DISCLAIMER: No one is permitted to market, advertise, or distribute this listing without express written permission or verified membership within the TEAM PROMISELAND network. Unauthorized use or sharing of this opportunity, photos, or property information will result in a $500 fine per incident, enforceable by law.
All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of accepted offer. All closings are facilitated through a licensed title company or closing attorney.
OFFICIAL PROMISELAND LENDING PARTNER
100% Financing for Rehab Projects
Powered by Residential Capital Partners
ResCap is a direct private lender offering zero-money-down loan options for 1-4 unit residential investment flips & rentals across the U.S.
🔹 100% Financing – Covers purchase + rehab
🔹 Fast Closings – ~10 days
🔹 Credit Requirements – 620+ FICO (Rehab), 660+ FICO (DSCR)
🔹 Loan Size – $75K–$1.25M
🔹 Rates – 10.9%–11.9% | 2–3% origination | 1st lien
🔹 Serviced In-House | Virtual Inspections | No Owner-Occ or Rural Props
Nationwide Coverage (Excludes: AK, AZ, NV, PA)
Proof of Funds Available
This listing is proudly sponsored by Residential Capital Partners – trusted lending for the nation’s best flippers.
For more info email sarter@promiselandrealtyllc.com or text (864) 762-2509
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Trusted by 1,000,000+ Investors. Featured on BiggerPockets:
PROMISELAND DISCLAIMER:
Promiseland Realty LLC is a nationwide real estate consulting firm specializing in off-market investment opportunities, strategic acquisitions, and real estate advisory services.
No one is permitted to market, advertise, or distribute this listing without express written permission or verified membership within the TEAM PROMISELAND network. Unauthorized use or sharing of this opportunity, photos, or property information will result in a $500 fine per incident, enforceable by law.
All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of an accepted offer. All closings are facilitated through a licensed title company or closing attorney.
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