W Brothers buys 66 Pearl Street apartments for $27M

Company is the real estate vehicle of the Weisfeld family, owners of the Fubu and Coogi fashion brands

TRD New York /
Jul.July 28, 2017 10:37 AM

Credit: StreetEasy

Family real estate company W Brothers Realty purchased the residential component of 66 Pearl Street for $26.8 million, records filed with city Friday show.

The seller was the Northwind Group, an owner of lower Manhattan commercial properties. The property at 66 Pearl also has the address of 1 Coenties Slip.

Northwind previously bought the residential and commercial portions of 66 Pearl in 2014, paying $30 million. Last year, the company sold the ground floor retail to ASG Equities for $19 million.

The residential section of the six-story building contains 42 apartments. The property receives a SCRIE rent stabilization abatement, according to tax records, though a look at current listings on StreetEasy shows many units now lease at market rates.

In an interview with The Real Deal, W Brothers’ vice president David Weisfeld said the acquisition was “a long term asset our family will probably hold for a long time.” He said the transaction was part of a 1031 exchange that involved a shopping mall in East Orange, New Jersey.

In Hoboken, W Brothers founders Bruce and Norman Weisfeld bought the Neumann Leathers factory in 2014 with partners, paying $25 million. The brothers are currently redeveloping the building into a residential and retail complex.

The Weisfelds are also the owners of the fashion lines Fubu and Coogi.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
As widespread protests sweep the country, the real estate industry reflects on its decades-long support of the NYPD (Photo illustration by Alexis Manrodt for The Real Deal, Getty, iStock)

As Black Lives Matter protests rage on, NY real estate bleeds blue

As Black Lives Matter protests rage on, NY real estate bleeds blue
Mayor Bill de Blasio and Gov. Andrew Cuomo (Getty, Paul Dilakian)

Despite looting, NYC reopening on track: Cuomo

Despite looting, NYC reopening on track: Cuomo
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
arrow_forward_ios

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

Loading...