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BKREA has arranged the $35 million sale of 78 Pearl Street and 46 Water Street, a rare block-through development site in Manhattan's Financial District. The transaction represents one of the few remaining large-scale redevelopment opportunities in the neighborhood and highlights continued investor demand for well-located development sites despite a more selective capital markets environment.
The site offers significant redevelopment potential through either a ground-up development or the adaptive reuse and expansion of the existing building. BKREA's Bob Knakal and Ana Barrie represented the seller in marketing the property, leveraging the firm's expertise in New York City development sites.
The sale included 78 Pearl Street and 46 Water Street, creating a highly desirable block-through site with frontage on both Pearl Street and Water Street—an increasingly scarce opportunity in Lower Manhattan.
The $35 million transaction demonstrates that investors continue pursuing premier development sites in Manhattan's Financial District, particularly those offering multiple redevelopment strategies.
The property was marketed as an opportunity for either adaptive reuse and expansion of the existing structure or a full redevelopment, providing flexibility for future ownership.
The acquisition reflects the ongoing evolution of Lower Manhattan, where office, residential, hospitality, and mixed-use developments continue reshaping the neighborhood into a vibrant 24/7 community.
BKREA continues to advise owners on some of New York City's most significant development opportunities by combining proprietary market intelligence, land valuation expertise, and strategic marketing.
The property's proximity to Wall Street, the East River waterfront, public transportation, and major employment centers positions it well for future mixed-use or residential development.
The acquisition underscores continued confidence in Lower Manhattan's long-term growth as developers seek opportunities in one of New York City's most supply-constrained submarkets.
Large development sites in the Financial District rarely become available. As Lower Manhattan continues to attract residential, hospitality, and mixed-use investment, strategically located redevelopment opportunities have become increasingly valuable.
This transaction demonstrates that experienced developers continue to invest in high-quality Manhattan assets where location, zoning potential, and redevelopment flexibility create long-term value.
Properties: 78 Pearl Street & 46 Water Street
Location: Financial District, Manhattan
Property Type: Block-Through Development Site
Sale Price: $35,000,000
Buyer: Peninim Water LLC (affiliate of Wolfe Landau)
Broker: BKREA – Bob Knakal & Ana Barrie
Potential Uses: Mixed-Use Development, Residential Conversion, Ground-Up Development
The transaction included 78 Pearl Street and 46 Water Street, a block-through development site in Manhattan's Financial District.
The development site sold for $35 million.
BKREA's Bob Knakal and Ana Barrie represented the seller.
Block-through development sites are exceptionally rare in Lower Manhattan and offer greater design flexibility, visibility, and redevelopment potential.
The property was marketed as an opportunity for adaptive reuse and expansion or a new ground-up mixed-use development, subject to applicable zoning and approvals.
The sale reflects continued investor confidence in Manhattan development sites and the long-term growth of the Financial District as a destination for residential and mixed-use development.
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