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W Brothers buys 66 Pearl Street apartments for $27M
Company is the real estate vehicle of the Weisfeld family, owners of the Fubu and Coogi fashion brands
Family real estate company W Brothers Realty purchased the residential component of 66 Pearl Street for $26.8 million, records filed with city Friday show.
The seller was the Northwind Group, an owner of lower Manhattan commercial properties. The property at 66 Pearl also has the address of 1 Coenties Slip.
Northwind previously bought the residential and commercial portions of 66 Pearl in 2014, paying $30 million. Last year, the company sold the ground floor retail to ASG Equities for $19 million.
The residential section of the six-story building contains 42 apartments. The property receives a SCRIE rent stabilization abatement, according to tax records, though a look at current listings on StreetEasy shows many units now lease at market rates.
In an interview with The Real Deal, W Brothers’ vice president David Weisfeld said the acquisition was “a long term asset our family will probably hold for a long time.” He said the transaction was part of a 1031 exchange that involved a shopping mall in East Orange, New Jersey.
In Hoboken, W Brothers founders Bruce and Norman Weisfeld bought the Neumann Leathers factory in 2014 with partners, paying $25 million. The brothers are currently redeveloping the building into a residential and retail complex.
The Weisfelds are also the owners of the fashion lines Fubu and Coogi.