Sales  ·  Commercial

CW Realty Buys Williamsburg Warehouse for $35.5M


Cheskie Weisz’s CW Realty Management has purchased a three-story warehouse at 61 North 11th Street in Williamsburg for $35.5 million, Commercial Observer has learned.

Weisz purchased it from Eleven North Capital, according to Cushman & Wakefield, which represented the buyer and the seller in the transaction.

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The 1920s brick building holds 41,690 square feet of commercial space and 11,400 square feet of usable basement. The sale price works out to $852 a square foot. The site ultimately sold for $8 million less than the initial asking price of $43 million.

The property sits between Kent and Wythe Avenues, a block inland from the East River and at the northern edge of North Williamsburg’s manufacturing zone. The industrial zoning allows hotel, office, retail and light-manufacturing uses at 61 North 11th Street, as well as community facilities.

C&W’s Guthrie Garvin, Brendan Maddigan, Ethan Stanton and Michael Gembecki brokered the deal.

“The tremendous response from the market called for a tight and strategic process with several rounds of competitive bidding,” Maddigan said in prepared remarks. “Ultimately, we were thrilled to identify a capable buyer with a keen understanding of the neighborhood and an exciting vision for the property’s future use.”

Weisz declined to comment on the sale.

Bushwick Inlet Park and McCarren Park are only a few blocks away in either direction, and the Bedford Avenue L train stop is a 10-minute walk away.

This is Weisz’s second big purchase in Williamsburg this year. He picked up two residentially zoned sites at 187 Kent Avenue and 48 North 3rd Street for $42.5 million total in March, as CO previously reported. He plans to build a 96-unit rental building on the L-shaped site, which is eight blocks south of his newly acquired North 11th Street property.