Tom Brady and Gisele Bündchen have sold their New York City apartment, a real estate source confirms to PEOPLE.
The quarterback, 43, and supermodel, 40, who now live in Tampa, Florida, sold the property, located in Manhattan's Flatiron District, for under $40 million. The residence, located on the 48th floor of a luxury building and was originally listed for sale back in 2018.
The source tells PEOPLE that the couple still own another apartment in the Big Apple.
"He owns another place in the city, so this was just downsizing because they're in Tampa full time and they're shopping around in L.A. as well," the source says.
The source adds that Brady, now the quarterback for the Tampa Bay Buccaneers, has a "huge presence" in New York because his son John “Jack” Edward, 13, lives there with his mother, Bridget Moynahan.
"Tom and Jack are super tight," says the source. "He loves football. Tom's very active with him. He's always spotted out with him. Parents have seen him playing football in the schoolyard with Jack and the classmates, pre-COVID."
As for Brady and Bündchen's Los Angeles house hunt, the source tells PEOPLE that the couple is "thinking ahead" beyond Brady's football career.
"Tom launched his production company, 199 Productions, earlier this year. It's going to be based in L.A. and the people he's partnering with on his first project are also in L.A.," the source says. "So the family is looking all over L.A. for a new home. They had sold the place they had there a few years ago. Gisele loves L.A. It's more open and outdoors with the trees and everything."
The family built a sprawling mansion with ocean views that was published in Architectural Digest in 2012. They sold it to Dr. Dre for a reported $40 million in 2014, according to the Los Angeles Times.
Brady and Bündchen moved to Florida earlier this year with their son Benjamin Rein, 11, and daughter Vivian Lake, 8, after the pro athlete signed with the Buccaneers.
PEOPLE confirmed at the time that the family was renting Derek Jeter's mansion in Tampa Bay. In September, the former New York Yankees shortstop listed the home for $29 million.
Brady and Bündchen are also owners of a mansion in Brookline, Massachusetts, where they lived while Brady played for the New England Patriots. The home has been on the market since August 2019.
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