Just six months after inking a $99 million contract to buy a large Williamsburg retail and residential property, real estate developer Joel Schreiber has flipped it to a group led by Brooklyn investor Chaim Miller for $106 million, The Real Deal has learned.
Schreiber, CEO of Midtown-based Waterbridge Capital, signed a contract in February to buy 103-119 North 3rd Street as well as 188-190 Berry Street from a company led by Olga Sosa, with a purchase price of $99 million, as TRD reported.
But on September 30, Schreiber inked an agreement to assign his contract to Miller’s group for $106 million, which will net him and his investors $7 million in gross profit, the insiders said.
A representative for Schreiber declined to comment. Miller could not be reached for comment.
The property, located on the west side of Berry Street between North 3rd and North 4th streets, is home to several popular local restaurants including breakfast joint Egg and beer garden Radegast Hall & Biergarten, as well as 41 residential rental units.
It’s in an area of Williamsburg closely watched by real estate players and national retail tenants. Across from Berry Street, Whole Foods and WeWork are set to move in 242 Bedford Avenue, a building owned by Aurora Capital Associates, Midtown Equities and Alex Adjmi.
And as further evidence of a rise in prices, Alliance Private Capital Group purchased a Williamsburg development parcel with 70,000 square feet of development rights for $35 million, or $500 per square foot, at 510 Driggs Avenue, at North 8th Street.
Even with the anticipated flip, Schreiber is an active investor in the immediate area. The developer is part of a group that controls most of an entire block bounded by Bedford and Driggs avenues and North 3rd and North 4th streets, two blocks away.