175 Pearl Street

Watermark Capital Group bought the office building at 175 Pearl Street in Downtown Brooklyn from Cannon Hill Capital Partners for $66.5 million. Watermark plans to convert the building to residential use. The property, which has 184,965 square feet of built space and 27,157 square feet of additional air rights, was sold at $359 per built square foot. Cannon Hill had purchased it in 2017 for $102.9 million. The building generated $9.4 million in revenue annually.