A partnership between real estate investors Joe Chetrit and David Bistricer closed on a $25 million acquisition of a Williamsburg development parcel today. The land, located along the neighborhood’s lucrative waterfront at 77 Commercial Street, can accommodate up to 270,000 square feet of development. It is likely that Mr. Chetrit and Mr. Bistricer will build residential space on the site, sources told The Commercial Observer.
Neither Mr. Chetrit nor Mr. Bistricer returned several calls to their offices for comment on the deal. Robert Knakal, chairman of the brokerage company Massey Knakal, handled the deal with Massey Knakal broker Mark Lively for New York Community Bank, which foreclosed on the site from the bankrupt developer Moshe Feller last year.