CW Realty Group has completed the acquisition of a plot in Downtown Brooklyn. The area, known by the address 55 Smith Street, was purchased from Edison Properties for US$58 million. This information comes from Commercial Observer, which cites data from the brokerage firm JLL. The transaction was finalised last Friday.
CW Realty, led by Cheskie Weisz, had already signed a contract to purchase the property in December, as Crain's New York Business reported at the time. The 13,707 square foot plot is also listed under the alternative address 160 Livingston Street and is considered one of the largest residential development opportunities in Downtown Brooklyn.
Although CW Realty has not announced specific plans for the site's development, JLL Capital Markets underscores the attractiveness of the location. Mike Mazzara of JLL, who led the negotiations alongside Ethan Stanton, Brendan Maddigan, and Drew Isaacson, commented on the significance of the deal in a statement. He emphasised that this transaction demonstrates the robust demand for well-located development opportunities across New York City, particularly in boroughs with strong residential real estate fundamentals and supportive zoning.
The plot offers a combination of size, flexibility, and incentives for development in one of Brooklyn's most dynamic areas. Developers can regularly build 137,000 square feet on the site. Under the 'Universal Affordability Preference' programme, a development of up to 164,000 square feet is even possible. This includes no height restrictions or parking requirements for a potential residential project.
CW Realty has the opportunity to utilise urban incentive programmes, particularly the 485-x programme, and benefit from the reforms of the 'City of Yes for Housing Opportunity' programme. An additional advantage is that development on the site is not restricted to rental or condominium apartments, according to JLL. CW Realty and Edison Properties did not immediately respond to requests for further comment.
