CW Realty Group signs contract to buy DoBro dev site from Edison Properties

Cheskie Weisz’s CW Realty Group through the entity 55 Smith LLC signed a contract as buyer with Edison Properties through the entity 160 Livingston Properties, LP for the development site, currently a parking lot (G6) at 55 Smith Street in Downtown Brooklyn. The expected use is ground up development.
The memorandum of contract was signed on December 10, 2025 and was recorded on December 30, 2025. The property has zero square feet of built space and 135,870 square feet of additional air rights for a total buildable of 135,870 square feet according to a PincusCo analysis of city data.
The signatory for Edison Properties was Jon Dario. The signatory for CW Realty Group was Cheskie Weisz . The contract date was August 26, 2025. The closing is set for January 15, 2026, however CW Realty has the right for one extension, to February 15, 2026.

JLL was marketing the property.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer CW Realty Group purchased three properties in two transactions for a total of $58.3 million and sold three properties in three transactions for a total of $15.8 million over the past 24 months.
The seller Edison Properties purchased one property in one transaction for a total of $8.1 million and sold three properties in one transaction for a total of 0.0 over the same time period.

The property

The parcel has frontage of 170 feet and is 80 feet deep with a total lot size of 13,587 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of eight of the 11 commercial properties representing 36,254 square feet of the 123,026 square feet. The largest owner is Jacob Marciano, followed by Stuart Venner and then Watermark Capital Group.
On the tax block, there was one new building construction project filed totaling 111,177 square feet. It is a 99-unit, 111,177 square-foot residential (R-2) building submitted by Watermark Capital Group and filed by Joel Werczberger with plans filed December 5, 2024 and it has not been permitted yet.

The majority, or 68 percent of the 123,026 square feet of built space are office buildings, with mixed-use buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Edison Properties owned at least 25 commercial properties with 723 residential units in New York City with 1,475,978 square feet and a city-determined market value of $405.4 million. (Market value is typically about 50% of actual value.) The portfolio has $65 million in debt, borrowed from Greystone & Co. and Edison Properties. Within the portfolio, the bulk, or 46 percent of the 1,475,978 square feet of built space are office properties, with elevator properties next occupying 43 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Cw Realty Group owned at least 27 commercial properties with 367 residential units in New York City with 318,453 square feet and a city-determined market value of $63.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 318,453 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. The bulk, or 93 percent of the built space, is in Brooklyn, with Manhattan next at 4 percent of the space.

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