Courtyard Basking Ridge
595 Martinsville Road, Bernards, NJ, 07920, US
235 units
Description
Jones Lang LaSalle (“JLL”) has been engaged on an exclusive basis to arrange the sale of The Tillary Hotel & 60 Duffield (collectively, the “Property”, “Asset”, or “Offering”) a mixed-use condominium structure in Downtown Brooklyn, New York.
Ownership is requesting offers for the acquisition of the 174-key Tillary Hotel and Commercial Condominium (the “Hotel” or “Tillary”), the 64-unit multifamily component at 60 Duffield Street (the “Apartments”), or both components. The two components have separate entrances on opposite streets.
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Attributes
Year built
2015
Hotel Keys
174
Residential Units
64
The Tillary Hotel & 60 Duffield Street (2 Properties)
The Tillary Hotel & 60 Duffield Street (2 Properties)
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Investment Highlights
Hotel / Commercial
- Independent hotel with ballroom & vacant ground-floor restaurant & retail
- Prime Brooklyn location with diverse demand drivers
- Strong & resilient NYC / Brooklyn lodging market fundamentals
- Strong in-place cash flow with significant upside potential
- Value-add initiatives
- Attractive discount to replacement cost in high-barrier market
- Fully unencumbered, non-union, blank slate opportunity
Multi-Housing
- Significant upside due to expiration of abatement
- Defensive & durable cash flows
- Strong recent leases & trade outs
- Exempt from Good Cause Eviction
- Large spacious units ideal for Downtown Brooklyn tenant base
- Prime renter neighborhood
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