An entity tied to Brooklyn-based developer Wolfe Landau has snapped up two adjacent Financial District lots poised for redevelopment.\u00a0<\/p>\n
The buyer, Landau\u2019s Peninim Water<\/a>, paid $35 million across two deals for 78 Pearl Street and 46-48 Water Street, according to property records made public Tuesday. The New York Business Journal first reported<\/a> the deal.<\/p>\n SEE ALSO: London Nightclub Operator Buys 675 Hudson Street for $100M<\/a><\/p>\n The block-through, irregularly-shaped site between Coenties Slip and Hanover Square spans a little over 10,000 square feet. It includes a vacant lot along Pearl Street and an empty, mixed-use building on Water Street. The latter, built in 1929, spans roughly 86,000 square feet.<\/p>\n The Pearl and Water street addresses were advertised<\/a> exclusively by Bob Knakal\u2019s BKREA<\/a> as \u201ca prime mixed-use development or conversion\/enlargement opportunity.\u201d It is unclear, however, what exactly Landau plans to do with the purchase. Spokespeople for Landau\u2019s Watermark Capital Group<\/a> and BKREA did not respond to a request for comment.<\/p>\n Records from the New York City Department of Buildings indicate the Water Street property is being prepared for demolition, the NYBJ reported.\u00a0<\/p>\n The selling entities were the Milstein Organization<\/a>, commercial real estate firm Swig Company<\/a> and Weiler Arnow Management<\/a>. The Milstein Organization, a family-owned firm and operator of Milstein Properties<\/a>, has owned the pair of properties since the 1970s and `80s, according to public records.<\/p>\n The Milstein Organization could not be immediately reached for comment.<\/p>\n