Cheskie Weisz’s CW Realty Management has picked up a development site on the North Williamsburg waterfront for $42.5 million, paying six times what the seller did just nine months earlier, according to public records.
The assemblage includes two industrial sites at 187 Kent Avenue and 48 North 3rd Street, which are currently home to a trio of low-slung warehouses. The L-shaped property fronts the full block on Kent Avenue between Metropolitan Avenue and North 3rd Street.
The seller is Flushing-based SWGI Realty, headed by Sam W. Gee. Gee picked up the pair of lots for $7.2 million in July of last year, and he just flipped them for six times that price. A representative for Gee declined to comment on the sale.
CW filed plans for a 96-unit, 83,000-square-foot rental building at the site in January. According to building applications, the mixed-use development will include 61,000 square feet of residential space and 22,100 square feet of ground-floor retail. The development will also include a 170-car garage and a landscaped roof deck. Diego Aguilera Architect applied for the permit.
“I am super excited to redevelop this wonderful piece of property with 400 feet of frontage on Kent, Metropolitan and North 3rd Street,” Weisz wrote in an email to Commercial Observer. “There is an inexhaustible demand to live in this desirable part of Williamsburg, and I am going to tap this demand.”
San Diego, Calif.-based BofI Federal Bank gave Weisz a $28 million loan including $23 million for the acquisition and $5 million to replace old debt.
Weisz originally entered a contract on the property for $45 million in September 2016. With the final sale price of $42.5 million, he’s paying $512 per square foot for his planned project.