CW Realty buying Williamsburg assemblage for $39M

Firm is planning a 145-unit rental building at the site

TRD NEW YORK /
Oct.October 25, 2019 04:25 PM
CW Realty's Cheskie Weisz and the Williamsburg assemblage (Credit: CW Realty and Google Maps)

CW Realty’s Cheskie Weisz and the Williamsburg assemblage (Credit: CW Realty and Google Maps)

Cheskie Weisz’s CW Realty is purchasing a massive Williamsburg assemblage for about $39 million, according to sources familiar with the deal.

The firm is buying the full blockfront on Hope Street between Keap and Rodney Streets, along with space on Keap and Rodney Streets themselves, from multiple sellers including Heatherwood Luxury Rentals. The assemblage has 475 feet of street frontage overall, and CW Realty plans to build a 145-unit seven-story rental building on the site with amenities including a doorman and fitness center.

Thirty percent of the project’s units will be set aside as affordable, and the remaining will be market rate. CW Realty also hopes to purchase additional air rights for the project.

Marcus and Millichap’s Said Boukhalfa

Marcus and Millichap’s Said Boukhalfa

Marcus and Millichap’s Said Boukhalfa brokered the deal.

“I think both sides, the buyer and the seller, are happy with the transaction,” he said, “because they both really got what they wanted.”

Heatherwood did not respond to a request for comment, and CW Realty declined to comment.

CW Realty is based in Williamsburg and filed plans earlier this year for a 13-story mixed-use building in Bushwick with 71 residential units. It is also behind the 96-unit Williamsburg rental building at 187 Kent Street, which it landed a $78 million construction loan for last January.

Heatherwood had been planning to build a 104,000-square-foot project with 100 residential units on part of the assemblage at 134 Hope Street before selling. The company landed a $215 million refinancing from Morgan Stanley earlier this year for its 58-story Tower 28 building in Long Island City.


Related Articles

arrow_forward_ios
G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)G4 Capital Partners' Robyn Sorid and Jason Behfarin with 200-206 Kent Avenue in Williamsburg (Credit: G4, LoopNet)

Hager family lands $84M loan for Williamsburg project

34 Union Avenue in Brooklyn (Credit: Google Maps)

Rabsky Group planning another Williamsburg mixed-use project

185 S. Fourth St. and Largo co-founder Nicholas Werner (Credit: Google Maps)

Largo buys another Williamsburg rental building for $32M

106 Prospect Place and 488 13th Street in Brooklyn (Credit: Google Maps)

Park Slope townhouse was Brooklyn’s priciest contract last week

Clockwise from left: 168-170 Wythe Avenue, 115 North 6th Street and 129-133 Kent Avenue with L3 Capital's Domenic Lanni (Credit: Google Maps)

L3’s Williamsburg retail properties snag $91M refi

250 North 10th Street and TF Cornerstone president Frederick Elghanayan (Credit: Google Maps)

TF Cornerstone pays $140M for Williamsburg multifamily building

Kith Founder Ronnie Fieg, and 25 Kent Avenue (Credit: Getty Images and Kith)

Massive Kent Avenue project lands fashion brand as first tenant

292 North 8th Street, The Collective’s CEO Reza Merchant (Credit: Scuares via PRNewswire and Facebook)

The Collective plans $150M co-living project in Williamsburg

arrow_forward_ios
Loading...