Developer Wolfe Landau Buys FiDi Redevelopment Site for $35M
By Emily Davis July 14, 2026 5:36 pm
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An entity tied to Brooklyn-based developer Wolfe Landau has snapped up two adjacent Financial District lots poised for redevelopment.
The buyer, Landau’s Peninim Water, 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 the deal.
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.
The Pearl and Water street addresses were advertised exclusively by Bob Knakal’s BKREA as “a prime mixed-use development or conversion/enlargement opportunity.” It is unclear, however, what exactly Landau plans to do with the purchase. Spokespeople for Landau’s Watermark Capital Group and BKREA did not respond to a request for comment.
Records from the New York City Department of Buildings indicate the Water Street property is being prepared for demolition, the NYBJ reported.
The selling entities were the Milstein Organization, commercial real estate firm Swig Company and Weiler Arnow Management. The Milstein Organization, a family-owned firm and operator of Milstein Properties, has owned the pair of properties since the 1970s and `80s, according to public records.
The Milstein Organization could not be immediately reached for comment.
Emily Davis can be reached at edavis@commercialobserver.com.
