Waterbridge’s Joel Schreiber and partners close on W’burg block in $30M deal

May 06, 2013 09:00AM

An investment group led by Waterbridge Capital’s Joel Schreiber has closed on the purchase of nearly an entire Williamsburg block, with plans for high-end retail development, the Wall Street Journal reported. 

Schreiber and his partners paid $30 million in five separate deals for the land between Bedford and Driggs avenues and North Third and North Fourth streets. Waterbridge had picked up the Western half of the block in a separate deal last April which included a former bagel shop and hookah bar. The group now controls the entire block, with the exception of two corner properties.

Waterbridge is looking to bring “high-end retail,” tenants to the block, a source familiar with the transaction told the Journal. Doing so would continue the transformation of Williamsburg into a trendy retail destination, with stores such as Whole Foods making their way to the neighborhood. [WSJ, 2nd item]Hiten Samtani