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Financial District Rentals Reborn as More Expensive Rentals

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Real estate investment firm Northwind Group bought 66 Pearl Street, a 42-unit rental building with ground-floor commercial space, for $30 million in October 2014, and is now bringing the units back to market after a renovation. Only two are currently listed—a one-bedroom asking $3,495 and a two-bedroom going for $4,500 (which was renting for $2,800 last January, pre-renovation). According to permits, Melamed Architect handled the renovation, which the listings describe as having "an airy Parisian feeling."

[UPDATE: The listed units are the ones that have been renovated so far, and renovations will continue for the next 18 months. All eight of the building's rent-stabilized units will remain.]

· 66 Pearl [official]
· Listings: 66 Pearl Street [Streeteasy]
· Northwind buys 66 Pearl Street for $30M [TRD]