-- BKREA announces the sale of 78 Pearl Street and 46 Water Street, a block-through development site in Manhattan's Financial District, for $35,000,000. Bob Knakal, Jas Saini, and Nick Tuleu of BKREA exclusively represented the seller throughout the marketing and sale process.
The property is a rare block-through assemblage running from the south side of Pearl Street to the north side of Water Street, between Coenties Slip and Hanover Square. The approximately 10,150-square-foot site comprises Block 30, Lots 4 and 5, and includes both vacant land and a vacant building, a combination that allows a purchaser to move toward redevelopment or conversion immediately rather than waiting out demolition and vacancy.
Zoned C5-5 (R10) within the Special Lower Manhattan District, the site permits residential, commercial, hotel, retail, and community facility uses as of right. Residential development is permitted at a 10.0 FAR base, rising to 12.0 FAR through the Universal Affordability Preference, with commercial development permitted up to 15.0 FAR. A developer may purchase up to 2.0 FAR, roughly 20,360 square feet, of offsite UAP certificates, adding market-rate floor area while lowering the blended land basis.
With 89.4 feet of frontage on Pearl Street and 54.5 feet on Water Street, the site offers unusual design flexibility for Lower Manhattan. Wide frontage reduces loss factor and improves construction efficiency, producing more sellable square footage per zoning foot, a characteristic that consistently commands a premium on a price-per-buildable-foot basis. The block-through footprint further allows for efficient floor plates and multiple building entrances.
The existing structure at 46 Water Street, built to 10.83 FAR or 85,472 square feet, will be delivered vacant and features generous ceiling heights, positioning it as a candidate for conversion with enlargement. Paired with the 467-m tax abatement, that path is economically compelling amid the wave of office-to-residential conversion activity reshaping Lower Manhattan.
The site sits a five-minute walk from the 2 and 3 trains at Wall Street and a short walk from the 4, 5, A, C, J, and Z lines at Fulton Street, surrounded by leading restaurants, hotels, waterfront attractions, and major office towers.
"The successful sale of 78 Pearl Street & 46 Water Street underscores the continued demand for high-quality development opportunities in Lower Manhattan," said Nick Tuleu, Senior Associate at BKREA. "Well-located sites with significant redevelopment flexibility continue to attract strong investor interest despite an evolving market."
The transaction reflects BKREA's focus on marketing complex development opportunities through a seller-exclusive representation model.
About the company: BKREA is a New York City investment sales firm led by Chairman & CEO Bob Knakal. Over a career beginning in 1984, Mr. Knakal has brokered the sale of more than 2,349 properties in New York City with an aggregate market value of approximately $22 billion. The firm represents sellers exclusively across multifamily assets, development sites, and mixed-use properties throughout the five boroughs.
Contact Info:
Name: Bob Knakal
Email: Send Email
Organization: BKREA
Address: 135 West 36th Street NY NY 10018
Phone: 212-888-8850
Website: https://bkrea.com
Video URL: https://youtu.be/qYGrlBCNJvs?si=vWJbmSvE5E5V94w5
Release ID: 89198693
Google
RSS