CW Realty pays $20.3M to Paul Tocci for development site in Vinegar Hill

Cheskie Weisz’s CW Realty through the entity 251 Front LLC paid Paul Tocci’s 251 Front Street Realty Inc. $20.3 million for 251 Front Street also known as 68 Gold Street in Vinegar Hill. The deal closed on June 19, 2020, and was recorded on June 26, 2020. The transaction consists of 1 parcel, including the tax class unlicensed parking lot (G7). The parcel(s) have total development potential of 39,982 square feet.
The average sale price per square foot is $506.
The purchased was financed with a $10.3 million loan.

Cheskie Weisz, CW founder and CEO, was signatory for the buyer. The contract date was December 19, 2019.

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.There has been one new building permit application totaling 39,866 square feet. Those plans include a total of 59 residential or hotel units.
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