Watermark Capital secured $125 million in financing for its office-to-residential conversion at 175 Pearl Street in Dumbo. Bravo Property Trust and Integritas Capital provided the loan, following a $50.6 million acquisition loan from BridgeCity Capital. Watermark, led by Wolfe Landau, bought the property for $66.5 million and plans to convert the eight-story office building into a 19-story residential complex, featuring rental units and condos. The rental portion qualifies for a 35-year tax abatement under the city’s 467m program. Expected to be completed in 2027, the project will include tenant lounges and a fitness center.
175 Pearl Street
