Joel Schreiber flips Williamsburg contract for $106M: sources

Developer signed deal in Feb. to buy property, home to Egg and Radegast Hall, for $99M

New York /
Oct.October 14, 2014 02:54 PM

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.


Related Articles

arrow_forward_ios
Joel Schreiber, RedSky land $104M refi for Williamsburg portfolio
Joel Schreiber, RedSky land $104M refi for Williamsburg portfolio
Joel Schreiber, RedSky land $104M refi for Williamsburg portfolio
How Joel Schreiber made a killing as WeWork’s first investor
How Joel Schreiber made a killing as WeWork’s first investor
How Joel Schreiber made a killing as WeWork’s first investor
Quintin Primo, Joel Schreiber and Broadway Trade Center (Linkedin, Getty, OMGIVING)
Quintin Primo’s deal to buy the Broadway Trade Center is dead
Quintin Primo’s deal to buy the Broadway Trade Center is dead
Joel Schreiber, WeWork’s first investor, under fire on multiple fronts
Joel Schreiber, WeWork’s first investor, under fire on multiple fronts
Joel Schreiber, WeWork’s first investor, under fire on multiple fronts
A photo illustration of Kevin Ryan and 174 Mott Street (Getty Images, Milsmith Real Estate Advisory Services)
NYC tech legend takes spin at real estate, buys Nolita office for $41M
NYC tech legend takes spin at real estate, buys Nolita office for $41M
A photo illustration of Joel Schreiber (right) and 146 West 57th Street (Getty Images, Google Maps)
Joel Schreiber’s Billionaires’ Row apartment faces tax foreclosure
Joel Schreiber’s Billionaires’ Row apartment faces tax foreclosure
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
Waterbridge JV shops 1M sf DTLA mixed-use complex
Waterbridge JV shops 1M sf DTLA mixed-use complex
Waterbridge JV shops 1M sf DTLA mixed-use complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...