Cheskie Weisz’s CW Realty pays $3.1M for development rights in East Williamsburg

Cheskie Weisz’s CW Realty Management and Synapse Development Group through the entity Withers Tower LLC and 280 Meeker LLC paid Dov Tratner, Tracy Cohen and Joel Teitelbaum $3.1 million for development rights to be transferred to 280 Meeker Avenue in East Williamsburg. The deal closed on March 25, 2020, and was recorded on April 6, 2020. The transaction consists of 6 parcels, including the tax class primarily five to six family with store or office (S5) and containing 7 residential units.

Cheskie Weisz’s CW Realty Management and Synapse Development bought development rights and from neighboring parcels so Weisz can build a 68-unit, eight-story residential building. The development rights include 10,765 square feet and a limitation on one of the parcels to only two residential units, which then allows Weisz to create relatively more residential units on 280 Meeker Avenue. The Real Deal has the complex legal history here. Weisz as tenant signed a 99-year ground lease with Synapse as landlord for 280 Meeker Avenue. Synapse recently refinanced $15 million secured by that parcel and two others.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $344,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link“