44-46 Water St New York, NY

This commercial land site offers flexible zoning that permits residential, office, hotel, retail, and community facility uses. The location makes any combination of these uses highly desirable. The site offers 89.37 feet of frontage on Pearl Street and 54.46 feet on Water Street. This substantial frontage supports greater construction efficiency by reducing the loss factor, which results in more developable square footage. The site has an R10 overlay, allowing a developer to purchase offsite UAP Certificates, build additional market-rate residential floor area, and reduce its cost basis. The property at 78 Pearl Street is already demolished, and 46 Water Street is vacant. The block-through nature of the site allows for more efficient floor layouts and enhanced accessibility for future tenants or occupants, with the benefit of multiple entrances. The site is a 5-minute walk from the 2 and 3 trains at Wall Street, and a short walk to the 4, 5, A, C, J, and Z lines at Fulton Street, offering excellent connectivity throughout the city. The existing building at 46 Water Street will be delivered vacant and is currently built to 10.83 FAR or 85,472 SF. Given the great ceiling heights, this property could also be a great conversion with enlargement candidate. The property size is 10,149 square feet.