Overview
BKREA has been retained on an exclusive basis to facilitate the sale of 78 Pearl Street and 46 Water Street (“The Site”),
a prime mixed-use development or conversion/enlargement opportunity located in the heart of the Financial District
within the Special Lower Manhattan (LM) zoning district. The Site is located block-through from the south side of Pearl
Street to the north side of Water Street, between Coenties Slip andHanover Square. It comprisesBlock 30, Lots 4 and
5, and is actual vacant land (78 Pearl) and an empty building (46 Water)—allowing developers to begin immediate
redevelopment.
The irregularly shaped lot totals approximately 10,180 square feet and features 89.37 feet of frontage along Pearl
Street, 54.46 feet along Water Street, and a maximum depth of 138.29 feet. The extensive frontage, block-through
nature, and high visibility offer exceptional design flexibility—making this a truly premier development opportunity.
Investment Highlights
- Flexible Zoning Opportunity: The flexible zoning permits residential, office, hotel, retail, and community facility uses. Additionally the location makes any combination of these uses highly desirable.
- Significant Frontage: The site offers 89.37 feet of frontage on Pearl Street and 54.46 feet on Water Street. This substantial frontage supports greater construction efficiency by reducing the loss factor, which in turn results in more developable square footage. As a result, developers are willing to pay a premium on a price-per-ZFA basis for a site with these characteristics.
- Ability to Utilize Offsite UAP Certificates: Since this site has anR10 overlay, a developer will have the opportunity to purchase offsite UAP Certificates. This benefits the development by allowing a developer to build additional market-rate residential floor area while also reducing its cost basis. It is also advantageous for the seller, as the developer will base its payment on the blended cost basis, meaning they can afford to pay more for the land.
- Partially Demolished: 78 Pearl Street is already demolished and 46 Water Street is vacant providing purchasers with time and cost savings.
- Block-through Site: The block-through nature of the site allows for more efficient floor layouts and enhanced accessibility for future tenants or occupants, with the benefit of multiple entrances.
- Convenient Accessibility: The site is a 5-minute walk from the 2 and 3 trains at Wall Street, and a short walk to the 4, 5, A, C, J, and Z lines at Fulton Street, offering excellent connectivity throughout the city.
- Conversion Candidate: The existing building at 46 Water Street will be delivered vacant and is currently built to 10.83 FAR or 85,472 SF. Given the great ceiling heights, this property could also be a great conversion with enlargement candidate. As the area is seeing great conversion activity, paired with the 467-m abatement, this conversion could be very economically favorable.