160 Pearl Street
160 Pearl Street, New York, NY 10005
Marketing description
JA Cohen Advisory Group LLC is pleased to present 160 Pearl Street, New York, NY 10005 — a vacant six-story commercial building on a 4,235 SF lot in Manhattan's Financial District / South Street Seaport. This is a rare, irreplaceable mixed-use development site with 56,373 SF of total as-of-right zoning area per ARK Design's April 2026 building program, with significant additional upside available through the potential transfer of landmark air rights under ZR 91-A6.
ARK Design's April 2026 program demonstrates a 22-floor, 73-unit, 255-foot mixed-use tower as-of-right — no special permits or variances required — with a projected value of $35,343,340. The seller is also presenting a comprehensive ND Architecture zoning study to all qualified buyers.
160 Pearl Street is zoned C5-5, one of Manhattan's highest-density commercial designations, within the Special Lower Manhattan District. C5-5 carries a residential FAR of 10 and a commercial FAR of 15 — independent envelopes. ARK Design's April 2026 program sites the building as mixed-use: floors 1–2 commercial, floors 3–22 residential, yielding a total as-of-right zoning area of 56,373 SF (50,083 SF residential + 6,290 SF commercial) with no variances, special permits, or discretionary approvals of any kind.
The Financial District has undergone a profound demographic transformation over the past decade — from a mono-use office district to one of Manhattan's fastest-growing residential neighborhoods. The office-to-residential conversion wave accelerated following the pandemic, and today FiDi is home to a growing population of young professionals, families, and high-net-worth residents drawn by proximity to transit, waterfront access, and competitively priced luxury residential product relative to Tribeca.
The South Street Seaport sits immediately adjacent to 160 Pearl Street and has been transformed into a premier dining, entertainment, and cultural destination — anchored by Tin Building and a growing roster of experiential retail — creating sustained demand for mixed-use residential product in the immediate area.
Investment highlights
- Immediate buildability: ARK Design's April 2026 program delivers 56,373 BSF of total zoning area — no variances, no special permits, no discretionary approvals required.
- Landmark air rights upside: The site sits within the South Street Seaport Subdistrict (ZR 91-A6), enabling the potential transfer of unused development rights from nearby landmark buildings — significant additional value-add for a buyer who executes a transfer.
- 467-m tax exemption eligibility: Eligible for the 467-m conversion program (90% exemption / 35 years) — a significant incentive with a commencement deadline that creates urgency for qualified buyers.
- Architect-designed program in hand: ARK Design's April 2026 program delivers a ready-to-execute 22-floor / 73-unit / 255-foot mixed-use tower with a projected value exceeding $35M — handed to buyers at no additional cost.
- Extreme scarcity: No comparable development sites have traded in the immediate area since 2022. FiDi/Seaport is a supply-constrained submarket with virtually no available land.
- Strong neighborhood fundamentals: Surrounded by major office-to-residential conversion projects; steps from the Fulton Street subway hub (A/C/J/Z/2/3/4/5); FiDi median condo prices appreciating significantly in 2025-2026.
- Institutional quality documentation: Full zoning analysis, ARK Design building program, ND Architecture zoning study, and comparable sales package delivered to all qualified buyers.
- Steps from the historic South Street Seaport — one of NYC's most visited destinations and a fast-growing residential destination
- Walking distance to Fulton Street subway hub (A/C/J/Z/2/3/4/5 trains) — among the best transit access in Lower Manhattan
- Surrounded by major office-to-residential conversion projects driving sustained neighborhood demand and population growth
- Proximity to Brooklyn Bridge, One World Trade Center, and the East River waterfront
- FiDi residential market experiencing strong growth — median condo prices up significantly in 2025–2026
- No comparable development sites available in the immediate area — extreme land scarcity creates enduring value
- One block from Pearl Street's emerging restaurant and retail corridor
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