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BKREA facilitated the $35 million sale of a development site located at 78 Pearl Street and 46 Water Street in Manhattan's Financial District. The transaction, which closed on July 1, 2026, involved buyer Wolfe Landau of Watermark Capital and highlights continued investor interest in strategically located development opportunities in Lower Manhattan.
The property encompasses approximately 85,099 square feet, representing a reported transaction value of approximately $411 per square foot. The deal demonstrates the importance of identifying valuable development opportunities in established commercial districts with strong long-term real estate potential.
The transaction represents a substantial investment in Manhattan's Financial District, highlighting the continued appeal of well-positioned development assets.
Situated at 78 Pearl Street and 46 Water Street, the property benefits from its location within Lower Manhattan, an established business district with a diverse commercial real estate landscape.
The property traded for approximately $411 per square foot across 85,099 square feet, providing a useful benchmark for evaluating development site transactions in Manhattan.
Wolfe Landau of Watermark Capital acquired the property, underscoring the role of experienced real estate investors in identifying opportunities within New York City's evolving market.
Jas Saini and Nick Tuleu of BKREA were identified as the brokers involved in the transaction, contributing their investment sales expertise to the deal.
The acquisition of 78 Pearl Street and 46 Water Street demonstrates the continued significance of development sites in Manhattan's Financial District. Transactions of this scale highlight the importance of understanding property fundamentals, location, and investment potential when evaluating commercial real estate opportunities.
For investors and property owners, the transaction provides another example of activity in New York City's development site market and the importance of strategic brokerage in facilitating significant real estate deals.
The development site sold for $35 million.
Wolfe Landau of Watermark Capital acquired the development site.
The site is located at 78 Pearl Street and 46 Water Street in Manhattan's Financial District.
The transaction report lists a building size of approximately 85,099 square feet.
Jas Saini and Nick Tuleu of BKREA were identified as the brokers involved in the transaction.
The sale highlights the continued importance of strategic investment sales and the appeal of development opportunities in established Manhattan locations.
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