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Park Slope’s indigo-hued boutique hotel has gotten offers from private equity funds

Hotel Le Bleu is on the block for $12 million

The Brooklyn Paper
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Park Slope’s posh Hotel Le Bleu has hit the real estate market.

The indigo-hued boutique hotel in the heart of historically gritty Fourth Avenue is being listed for a whopping $12 million.

The chic glass-and-steel complex sandwiched between a taxi depot and a Staples office supply store opened in 2007. The hotel features 48 rooms on seven floors, with a rooftop restaurant and lounge with panoramic views of Manhattan’s skyline on the eighth and ninth floors.

“For an investor, it’s a stable, cash-flowing asset without a lot of risk,” said Sean Kelly, a managing director for CPEX Real Estate, the brokerage firm that is exclusively handling the sale of Le Bleu.

Kelly said that the property’s close proximity to the Barclays Center and the Atlantic Avenue Terminal transportation hub makes it a hot commodity.

“The hotel business in New York is booming,” he said, “but Brooklyn is the most underserved in the hotel market per capita.”

Kelly said that the pack of hotels that sprung up over the past few years in the area bordering Gowanus and Park Slope are “all reaching 90 percent occupancy.”

The independent operator of the seven-story hotel has a 99-year lease. A different operator has a separate lease for the restaurant and lounge on the eighth and ninth floors.

Before it was the Rooftop Restaurant and Lounge, the rooftop bar was called the Vue. That bar didn’t play well with nearby Park Slope residents who were up in arms over loud noise late at night, but was declared a “game changer” by Brooklyn Paper staff.

Kelly said the hotel owners are ready to sell because, “they’ve owned the asset for a long time, it’s producing revenue, and they would like to roll that cash flow into some other real estate ventures.”

The hotel, which is commercially zoned, has been on the market for about two weeks. CPEX has already gotten multiple offers from private investors and private equity funds, according to Kelly.

Reach reporter Natalie Musumeci at nmusumeci@cnglocal.com or by calling (718) 260-4505. Follow her at twitter.com/souleddout.
Updated 10:13 pm, July 9, 2018
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Reasonable discourse

Oh Come On! from 4th Avenue says:
That hotel is being sold because it continues to lose money! Does anyone know anyone who has actually stayed there? It has been positioned as a "luxury" hotel since day one but it is ...sandwiched between a taxi depot and a Staples office supply store..."!

Unless you're in the business of writing stories as free advertising, I'd expect a reporter to ask a few questions about occupancy rates, is there any debt, etc. And maybe talk to somebody other than the real estate agent!
July 22, 2013, 11:50 am
Khaled from Park Slope says:
Lol - my man relax with the investigative reporting.. this isn't the Times.. ha leave the BK Paper reporter/stroller mom alone
Aug. 2, 2013, 11:39 am

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