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Cheskie Weisz’s CW Realty Management has bought a North Williamsburg development site from Flushing-based SWGI Realty’s Sam Gee for $45M, and plans to build a 140k SF rental building with parking and retail space on the ground floor and lower levels.
The deal came to about $321/BSF, and includes air rights from neighboring plots.
The two adjacent L-shaped lots—187-201 Kent Ave and 48-50 North 3rd St (also known as the Villain LLC event space, pictured)—have low-rise warehouses with long stretches of frontage along their respective streets, The Real Deal reports. Both of these will be demolished to make way for Cheskie’s new tower.
Epic Commercial Realty CEO Yona Edelkopf says the property is one of the last development sites over 40k SF in north Williamsburg, and noted prices in the area have skyrocketed with the recent openings of Whole Foods and Apple. But neither rising prices nor the expiration of the 421-a tax exemption have slowed down Williamsburg transactions.
In addition to developing a 33-story, 120k SF condo at East 73rd St, CW also bought three rental buildings at 119-123 Kent Ave for $15.9M earlier this year. [TRD]
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