Acquisition · Downtown Brooklyn
55 Smith Street trades for $58.1M
Cheskie Weisz's CW Realty Group bought the 13,707-square-foot parking site from New Jersey-based Edison Properties; zoning allows up to 164,000 square feet under the Universal Affordability Preference program.
- Amount
- $58.1M
- Type
- Acquisition
- Date
- Aug. 2026
55 Smith Street, Brooklyn, NY
Recorded in NYC property records.
- Seller
- 160 Livingston Properties, LP
- Buyer
- 55 Smith LLC
- Lender
- Valley National Bank
- The site is currently a parking facility; JLL calls it one of Downtown Brooklyn's biggest available development opportunities.
- The acquisition loan was assigned from original lender CDK Capital XIX to Valley National Bank just 11 days after closing -- a detail press coverage of the sale missed.
- Zoning allows up to 164,000 sq ft under the Universal Affordability Preference program, with no height limit or parking requirement for housing.
- No construction filing yet; CW Realty hasn't disclosed specific plans for the site.
Overview
Cheskie Weisz's CW Realty Group paid $58 million for 55 Smith Street (also known as 160 Livingston Street) in August 2026 -- currently a parking facility between Schermerhorn and Livingston Streets, and, per JLL, one of the biggest residential development opportunities in Downtown Brooklyn. The seller was New Jersey-based Edison Properties, which had put the site under contract in December 2025. ACRIS records show a side of the deal the press coverage missed: the purchase was financed with a $52 million acquisition mortgage from CDK Capital XIX LLC, which assigned that loan to Valley National Bank just eleven days later. CW Realty hasn't filed for construction yet, and the site isn't currently in Hush Street's Downtown Brooklyn registry.
The 13,707-square-foot lot allows 137,000 square feet as-of-right or 164,000 square feet under the Universal Affordability Preference program, with no height limit or parking requirement for a housing development, per JLL's Mike Mazzara, who negotiated the deal with Ethan Stanton, Brendan Maddigan, and Drew Isaacson. The site also qualifies for the city's 485-x tax incentive program and City of Yes for Housing Opportunity reforms, and development isn't restricted to rental or condominium use, according to JLL. CW Realty has not disclosed specific plans for the site.
One of Downtown Brooklyn's largest available development sites changed hands, with Valley National Bank -- not the original lender CDK Capital XIX LLC -- now holding the acquisition loan. No construction filing yet, so this is a site to watch rather than an active project.
Parties Involved 4 recorded
Basis
Named as party1 on the deed (ACRIS doc 2026080300318002).
Basis
Named as party2 on the deed and as borrower (party1) on the acquisition mortgage (doc 2026080600469001).
CW Realty: Recorded on this Deal as the party behind "55 Smith LLC" — named in this Deal's own published summary. The ACRIS-recorded party is unchanged and remains "55 Smith LLC".
Basis
Named as party2 (lender) on the original $52,000,000 acquisition mortgage (doc 2026080600469001), then as party1 (assignor) on the assignment to Valley National Bank (doc 2026081201096001) just 11 days later.
Basis
Named as party2 (assignee) on the assignment (doc 2026081201096001), confirming it now holds the $52,000,000 acquisition loan.
Counts and combined values are computed from Hush Street’s own published Deal records only. “Combined” is the total value of the transactions a party appears on, not capital deployed by that party, and two parties on the same transaction each reflect its full amount. Not a career or market total.
Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.
Property & Project
Sources & Recordsverification, citations & data notes
- ACRIS Document Detail -- deed, $58,075,000 — NYC ACRIS
- ACRIS Document Detail -- acquisition mortgage, $52,000,000 — NYC ACRIS
- ACRIS Document Detail -- assignment, CDK Capital XIX LLC to Valley National Bank — NYC ACRIS
- CW Realty Closes Deal to Buy 55 Smith Street in Downtown Brooklyn for $58M — Commercial Observer