An office-to-residential conversion is currently underway at 175 Pearl Street in DUMBO, Brooklyn. Designed by S. Weider Architect P.C. and developed by Watermark Capital Group, the project will include a new 11-story vertical expansion, bringing the total floor count to 19 stories, and yield nearly 200 homes in a mix of condominium and rental units. Twenty-five percent of the residences will be designated as affordable housing. The property is bounded by Pearl, Sands, and High Streets.
The entire building stands shrouded in scaffolding and netting as crews work to remove the original windows from the façade. Interior gutting should be well underway.
175 Pearl Street. Photo by Michael Young.
175 Pearl Street. Photo by Michael Young.
175 Pearl Street. Photo by Michael Young.
175 Pearl Street. Photo by Michael Young.
175 Pearl Street. Photo by Michael Young.
175 Pearl Street. Photo by Michael Young.
175 Pearl Street. Photo by Michael Young.
The above main rendering depicts the existing superstructure re-clad in floor-to-ceiling windows framed by earth-toned metal panels, including some with chamfered corners that create octagonal cutouts. The lower levels will also include multiple balconies lined with glass railings. Above, the new stories feature a matching fenestration utilizing gray paneling, and the building will culminate in a flat roof. The sky bridge to the north will also be renovated with a more open arrangement featuring diagonal trusses. The below Google Street View image shows 175 Pearl Street’s nine-story exterior before construction commenced. The building was originally built in 1918. Watermark Capital Group purchased the property from Cannon Hill Capital Partners with a $50.6 million acquisition loan provided by BridgeCity Capital in 2024. Last year, the developer also secured $125 million of construction financing provided by Bravo Property Trust, the construction and bridge lending affiliate of Bravo Capital, and Integritas Capital.
175 Pearl Street. Image via Google Maps.
According to Commercial Observer, the rental apartments will receive benefits under New York City’s new 467m program, which provides a tax abatement for 35 years in exchange for setting aside a quarter of all units for affordable housing. The abatement will provide a 65 percent percent exemption for the first 30 years before dropping 10 percent annually, beginning in the 31st year. Some of the residential amenities will include multiple tenant lounges and a fitness center, while a full list has yet to be released.
The nearest subways from the redevelopment are the A and C trains at the High Street station to the west, and the F train at the York Street station to the north. An onramp leading to the Brooklyn Bridge to Manhattan is located directly to the north along Sands Street.
175 Pearl Street’s anticipated completion date is reportedly slated for the end of 2028. An exact breakdown of the number of condominium and rental units has yet to be disclosed.
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I will definitely be applying. How much will the rents be?
Oversupply of 4000 one bedrooms they calm rent stabilized . lol look for bailout requests as no one rents these overpriced apartments.
You’re an idiot. The net rental vacancy rate in Brooklyn last year was 1.27%.
What about the windowns in the other building?
Yeah, the ghostly white ‘form’ of that building in the rendering tells you that to the developers here, that building doesn’t exist..
On the plus side the towers will be close enough, to get to know your neighbors intimately!!
This is a curious design that I’ll need to see finished. It could be really cool.
Why would they bother rebuilding the sky bridge?
The surface parking lot across the street as well as that two story commercial building used by CityTech are ripe for redevelopment. It’s unfortunate how much surface parking there is at Concord Village because that could make for more great infill development, especially the lots with frontage on Jay and Pearl St.
Came here to say this and 100% agree. Hopefully just a matter of time.
Ooh, nice design. We’ll see the finished product of 175 Pearl Street in a couple of years 👍