CW Realty Closes Deal to Buy 55 Smith Street in Downtown Brooklyn for $58M

CW Realty Group closed on a deal to acquire a parking facility in Downtown Brooklyn, Commercial Observer has learned.

Cheskie Weisz’ CW Realty entered into a contract to purchase 55 Smith Street in December from New Jersey-based firm Edison Properties, Crain’s New York Business reported at the time. The sale closed on Friday and its price was disclosed at $58 million, according to broker JLL.

CW Realty has not disclosed any specifics about their plans for the site, which has an alternative address of 160 Livingston Street, but the lot spans 13,707 square feet and is one of the biggest residential development opportunities in Downtown Brooklyn, the JLL Capital Markets team said.

“This transaction demonstrates the strength of demand for well-located development opportunities across New York City, particularly in neighborhoods with strong residential fundamentals and supportive zoning,” JLL’s Mike Mazzara, who negotiated the deal alongside Ethan Stanton, Brendan Maddigan and Drew Isaacson, said in a statement. “The site offers a combination of scale, flexibility and development incentives in one of Brooklyn’s most dynamic neighborhoods.”

CW Realty and Edison Properties did not immediately respond to  requests for comment.

Developers can build 137,000 square feet on the site as of right or 164,000 square feet under the Universal Affordability Preference program with no height limits or parking requirements for a potential housing development.

CW Realty has the option to build using the city’s 485-x program and benefit from reforms made under the City of Yes for Housing Opportunity.

An added bonus is that development on the site is not restricted to rental housing or condominiums, according to JLL.

Mark Hallum can be reached at mhallum@commercialobserver.com.