CW Realty purchase makes TRD’s mid-market i-sales list

Brooklyn luxury developer plans 59-unit rental on the property in Vinegar Hill

New York /
Jul.July 01, 2020 08:00 AM
68 Gold Street with CW Realty CEO Cheskie Weisz and 1340 East Bay Avenue (Google Maps)

68 Gold Street with CW Realty CEO Cheskie Weisz and 1340 East Bay Avenue (Google Maps)

UPDATED, July 1, 10:37 a.m.: CW Realty’s purchase of a property in Vinegar Hill that it will develop into a luxury rental building was among the city’s two mid-market investment sales last week. The other was for a development site in the Bronx acquired by Wildflower. Here are the details:

1. Wildflower Ltd, through the LLC WF Industrial VIII, paid $26.5 million for the property at 1340 East Bay Avenue in the Bronx. It spans 120,000 square feet. Wildflower invests in studios, logistics and self-storage properties. The seller was an LLC linked to Sims Metal Management.

2. An LLC tied to developer CW Realty paid $20.25 million to Paul Tocci’s 251 Front Street Realty Inc. for a property at that address — also known as 68 Gold Street — in Vinegar Hill. The Brooklyn property spans 20,000 square feet, and has stirred controversy since a church on the site was demolished in 1992 to prepare for the construction of condos. Led by Cheskie Weisz, CW Realty plans to construct a five-story, 59-unit luxury rental complex at the 251 Front Street location, The Real Deal reported in January.

Correction: A previous version of this story incorrectly identified the buyer as the seller for the East Bay Avenue property.


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