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
25 Kent Avenue and Amazon CEO Jeff Bezos (25 Kent; Getty)

Amazon Music is coming to Brooklyn’s office market

Amazon Music is coming to Brooklyn’s office market
From left: 21 Montrose Avenue in Williamsburg, 1480 Amsterdam Avenue and 520 West 136 Street in West Harlem and 208-212 West 141st Street in North Harlem (Google Maps)

Week’s mid-market sales run gamut from $80 to $500 psf

Week’s mid-market sales run gamut from $80 to $500 psf
126 Hancock Street and 85 North 3rd Street (Google Maps, Corcoran)

Bed-Stuy townhouse tops Brooklyn luxury contracts

Bed-Stuy townhouse tops Brooklyn luxury contracts
111 Kent Avenue and Stanley Iezman (Credit: Google Maps)

American Realty Advisors eats $10.7M on Williamsburg sale

American Realty Advisors eats $10.7M on Williamsburg sale
Mission Capital principal David Tobin and Marcus & Millichap president and CEO Hessam Nadji

Marcus & Millichap to acquire Mission Capital Advisors

Marcus & Millichap to acquire Mission Capital Advisors
Marcus & Millichap CEO Hessam Nadji

Marcus & Millichap CEO predicts “exodus” from cities to last two years

Marcus & Millichap CEO predicts “exodus” from cities to last two years
William Millichap

William Millichap of eponymous brokerage dies at 76

William Millichap of eponymous brokerage dies at 76
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
arrow_forward_ios

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

Loading...