Northwind buys 66 Pearl Street for $30M

44,000-square-foot building last traded in 2007 for $19 million

New York /
Oct.October 29, 2014 06:00 PM

UPDATED 5:30 p.m., October 31: Northwind Group, a Midtown East-based boutique real estate investment firm, bought 66 Pearl Street for $30.1 million, The Real Deal has learned.

The Financial District property, which is a combination of six buildings that were internally connected, spans roughly 44,000 square feet. The six-story, mixed-use building has 42 residential units and 6,485 square feet of commercial space.

Of the apartments in the landmarked building, 34 are free-market, renting at $47 per square foot, and eight are rent-stabilized, renting at $36 per square foot.

Mission Capital Advisors helped Northwind secure a $21 million mortgage from Sterling National Bank to finance the property, according to Jonathan More, a director at the financial brokerage. The asking price of the building, which was listed with Massey Knakal Realty Services, was $34 million.

The building last traded hands in 2007, when Kumquat Properties LLC — composed of investors Bernstein Real Estate, Alan Schnurman and Ben Zalman – purchased it for $19 million, city records indicate. In 2013, Kumquat — as well as management company Lawrence Properties — was sued after allegedly failing to notify tenants of evacuation procedures and other complaints, according to a suit that was filed in February of that year. 

Massey Knakal’s Bob Knakal represented the seller of the building. In 2007, Knakal represented Bernstein Real Estate as well. Bernstein is holding onto roughly 30,000 square feet of air rights on the property, Knakal said.

Ran Eliasaf, Northwind’s managing partner and founder, said in a brief phone interview on Wednesday afternoon that the firm is looking to hold on to the property long-term, crediting the flourishing Downtown residential market.

In August, Northwind bought 78 Grand Street in Soho, according to its website. Other properties in the firm’s portfolio include 40 Wooster Street, 223-225 Bowery, 351-355 West 54th StreetAnd 25 Prince Street.


Related Articles

arrow_forward_ios
Tribeca Associates managing partner Mark Gordon. (Moxy, LinkedIn via Gordon)
Mark Gordon’s Tribeca Associates walks away from FiDi Moxy Hotel
Mark Gordon’s Tribeca Associates walks away from FiDi Moxy Hotel
The Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
ASG Equities' Raymond Gindi and Century 21 25 Church Street (Photos via ASG, Google Maps)
Landlord offering concessions to lease up Century 21’s old FiDi store
Landlord offering concessions to lease up Century 21’s old FiDi store
40 Rector Street and Seth Pilevsky (Photos via Google Maps; Literally Stories)
Mid-market sales fall off after strong start to 2021
Mid-market sales fall off after strong start to 2021
Interior and exterior renderings courtesy of Urbanspace.
Urbanspace inks lease for Financial District food hall
Urbanspace inks lease for Financial District food hall
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)
7 Manhattan hotels head to auction block
7 Manhattan hotels head to auction block
84 William Street with Vanbarton Group's Gary Tischler and Richard Coles (Google Maps)
Vanbarton takes control of Prodigy Network’s William Street hotel
Vanbarton takes control of Prodigy Network’s William Street hotel
 8 Spruce Street and Brookfield's Bruce Flatt (New York by Gehry, iStock, Brookfield)
Bad year: 1 in 5 units at Gehry skyscraper goes vacant
Bad year: 1 in 5 units at Gehry skyscraper goes vacant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...