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Developer Wolfe Landau has expanded his Lower Manhattan development portfolio with the acquisition of a prime Financial District redevelopment site for $35 million.
The transaction includes two adjacent properties at 78 Pearl Street and 46-48 Water Street, creating a block-through development site between Coenties Slip and Hanover Square. The assemblage features a vacant lot along Pearl Street and an existing mixed-use building on Water Street, offering significant redevelopment potential in one of Manhattan's fastest-evolving neighborhoods.
The properties were marketed exclusively by BKREA as a mixed-use development or conversion opportunity, underscoring continued investor demand for well-located repositioning and redevelopment sites in Lower Manhattan.
The acquisition combines two adjacent parcels into a block-through development site spanning more than 10,000 square feet, creating flexibility for future redevelopment or adaptive reuse.
The site includes an approximately 86,000-square-foot mixed-use building at 46-48 Water Street, originally constructed in 1929, along with a vacant parcel at 78 Pearl Street.
Department of Buildings records indicate the Water Street building is being prepared for demolition, suggesting plans for a new development project on the assembled site.
The acquisition reflects ongoing investor confidence in the Financial District as developers continue to pursue redevelopment, office conversions, and mixed-use projects throughout the neighborhood.
BKREA exclusively represented the property as "a prime mixed-use development or conversion/enlargement opportunity," highlighting the site's redevelopment potential for institutional and private investors.
The properties were owned for decades by entities affiliated with The Milstein Organization, Swig Company, and Weiler Arnow Management before being sold to Wolfe Landau's Peninim Water entity.
Positioned between Coenties Slip and Hanover Square, the site benefits from proximity to the Seaport District, Wall Street, transit, and Lower Manhattan's growing residential and mixed-use community.
Redevelopment opportunities in Lower Manhattan remain limited, making assembled sites with flexible zoning and redevelopment potential highly desirable. As office-to-residential conversions, mixed-use projects, and neighborhood revitalization continue throughout the Financial District, investors remain focused on acquiring strategically located assets that can create long-term value.
The transaction also highlights the continued demand for development sites despite evolving market conditions and construction economics.
Properties: 78 Pearl Street & 46-48 Water Street
Location: Financial District, Manhattan
Purchase Price: $35 Million
Site Size: Approximately 10,000 Square Feet
Existing Improvements:
Buyer: Wolfe Landau (Peninim Water)
Seller: Entities affiliated with The Milstein Organization, Swig Company, and Weiler Arnow Management
Broker: BKREA
Developer Wolfe Landau, through an entity affiliated with Peninim Water, acquired the properties.
The combined acquisition totaled $35 million.
The transaction included 78 Pearl Street and 46-48 Water Street in Manhattan's Financial District.
The two properties create a block-through redevelopment opportunity with both vacant land and an existing building that can support future development or repositioning.
BKREA exclusively marketed the assemblage as a mixed-use development or conversion opportunity.
The acquisition demonstrates continued investor confidence in Lower Manhattan redevelopment opportunities and the long-term potential of strategically located development sites.
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