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Posted: February 18, 2020
CW Realty acquires $20m development site; brokered by JLL
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JLL
Brooklyn, NY CW Realty has acquired 251 Front St., a 20,000 s/f corner development lot in the Vinegar Hill neighborhood. The $20 million sale was arranged by Brendan Maddigan and Ethan Stanton of JLL.
Considered one of the largest undeveloped sites in Vinegar Hill, 251 Front is one block from the border of Dumbo, and features 400 ft. of frontage on Front, Gold and Water Sts. The property was one of the neighborhood’s most sought-after land parcels, and Tocci Brothers, the seller, fielded numerous bids from prospective buyers before closing on the sale to locally-based CW Realty.
CW Realty plans to leverage its track record of development to build a five-story, 59-unit rental apartment building with amenities including a fitness center and a parking garage. Construction on the project is expected to begin in June.
251 Front is close to the F train, providing access to Manhattan, and the commercial hubs of Downtown and Dumbo.
CW Realty has a portfolio in North Brooklyn, including 119-123 Kent Ave., which the firm redeveloped into residences and ground-floor commercial space. The firm also completed construction of 187 Kent Ave., a ground-up mixed-use development featuring 96 residences and 35,000 s/f of retail space. In October 2019, CW acquired a large assemblage in Williamsburg with plans to construct a 145-unit rental building.
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