DUMBO Watermark Capital Group has obtained a $125 million senior construction loan to convert the office building at 175 Pearl St. into multifamily housing. Originally built in 1918 and strategically located at the Brooklyn Bridge's foot, this property was acquired for $66.5 million. The project will see the addition of an 11-story condo tower, featuring separate amenities for rental and condo residents, while ensuring 25% rental units cater to low-income families, qualifying for a 35-year tax exemption. This project reflects a broader trend in NYC's adaptive reuse of office spaces, with a significant increase in such conversions recently.
DUMBO Watermark Capital Group secured a $125M loan for converting 175 Pearl St. from office to residential, demonstrating strong market demand for adaptive reuse.
The project involves transforming a historic building into multifamily housing, with 25% of rental units reserved for low-income residents under a tax exemption program.
175 Pearl St. scored 92/100 on CommercialEdge's Conversion Feasibility Index, indicating it is one of the best candidates in NYC for office-to-residential conversion.
This development aligns with a growing trend in New York City, as the office-to-residential transformation pipeline has seen a 59% increase since last February.
Collection
[
|
...
]