CW Realty Management Buying Williamsburg Development Site From Synapse for $16M

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CW Realty Management is in contract to buy a Williamsburg, Brooklyn, development site from Synapse Development Group for around $16 million, a source told Commercial Observer.

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CW plans to erect a 90-unit, 12-story residential rental building at the 19,000-square-foot property, which has a capacity of 65,000 net buildable square feet, at 280 Meeker Avenue, 644 Lorimer Street and 646 Lorimer Street, the source said. There will also be 5,000 square feet of retail as well as parking.

The deal went into contract on May 14. There were no brokers involved. And CW plans to start construction at the end of the year and finish it at the close of 2020.

Synapse bought the portfolio, at the corner of Meeker Avenue and Lorimer Street, in November 2013 for $6.2 million and had plans to build a ground-up 14-story high-end mixed-use development with 75 residential units at the property, as per its website.

A spokesman for CW declined to comment and no one from Synapse immediately responded to a request for comment.