Northwind buys 66 Pearl Street for $30M

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

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.

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