78 Pearl St

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 and Hanover Square. It comprises Block 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. Zoned C5-5 (R10), Special Lower Manhattan District, the site allows for a wide range of as-of-right uses including residential, commercial, hotel, and retail. The zoning permits a base FAR of 10.0 for residential use, 12.0 FAR with the use of Universal Affordability Preference (UAP), and up to 15.0 FAR for commercial development. Developers may also purchase up to 2.0 FAR (approximately 20,360 square feet) of offsite UAP rights to maximize residential buildable area. Situated in one of Manhattan’s most dynamic and rapidly evolving neighborhoods, the site benefits from its proximity to numerous restaurants, hotels, offices, and waterfront attractions. Additionally, the property is within walking distance of several major subway lines, ensuring excellent connectivity throughout Manhattan and the outer boroughs. With its strategic location, flexible zoning, and immediate development potential, 78 Pearl Street and 46 Water Street represent a rare opportunity for transformative mixed-use development in a high-demand Lower Manhattan corridor.