CW Realty purchase makes TRD’s mid-market i-sales list
Brooklyn luxury developer plans 59-unit rental on the property in Vinegar Hill
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.