A company affiliated with Brooklyn-based developer Wolfe Landau has acquired two adjacent plots in the Financial District, which are designated for redevelopment. The buyer, Landau's Peninim Water, paid US$35 million for 78 Pearl Street and 46-48 Water Street across two transactions, according to property records made public on Tuesday. The New York Business Journal first reported on the deal.
The through-block, irregularly shaped property between Coenties Slip and Hanover Square spans just over 10,000 square feet. It includes an undeveloped plot along Pearl Street and a vacant mixed-use building on Water Street. The latter, built in 1929, comprises approximately 86,000 square feet.
Redevelopment Potential and Transaction Details
The addresses on Pearl and Water Street were exclusively marketed by Bob Knakal's BKREA as a 'prime opportunity for mixed-use development or conversion/expansion.' However, it remains unclear what exact plans Landau has for the acquisition. Spokespeople for Landau's Watermark Capital Group and BKREA did not respond to a request for comment.
Records from the New York City Department of Buildings indicate that the Water Street property is being prepared for demolition, as reported by NYBJ. The sellers were the Milstein Organisation, the commercial real estate firm Swig Company, and Weiler Arnow Management.
The Milstein Organisation, a family-owned business and operator of Milstein Properties, had owned the two properties since the 1970s and 1980s, according to public records. A statement from the Milstein Organisation could not be obtained immediately. The transaction underscores the continued interest in strategic development sites within the Financial District, an area that remains valued by investors and developers for its diverse opportunities.
Parties Involved
- —Buyer: Peninim Water (affiliated with Wolfe Landau, Watermark Capital Group)
- —Sellers: Milstein Organisation, Swig Company, Weiler Arnow Management
- —Broker (Marketing): BKREA (Bob Knakal)
- —Authority: New York City Department of Buildings
