The landmark Berkeley-Carteret Hotel is up for sale with an asking price of approximately $40 million, according to the Coaster newspaper.
The paper reports in its Sept. 6 edition that investors Joseph and Jacob Chetrit, who bought the hotel in 2007 for $16 million, are offering it for sale through the Carlton Group, based in New York. On its website, the Carlton Group describes itself as real estate private equity bankers who closed $7 billion worth of transactions worldwide in 2011.
A Carlton Group statement on behalf of the Chetrits stated that the Berkeley-Carteret, currently called the Berkeley Oceanfront Hotel, does not “fit into their core strategy” involving real estate holdings in Manhattan, the Coaster reported.
The hotel, located at the corner of Sunset and Ocean avenues, dates back to the 1920s. The hotel deteriorated and was closed for several years in the 1970s and early 1980s, before it was restored and reopened by brothers Henry and Sam Vaccaro during an aborted waterfront redevelopment attempted in the 1980s.
Daniel Ahn bought the hotel in 1998 for $5.1 million before selling it to the Chetrits in 2007, the Coaster stated.
