A real estate source tells PEOPLE that the couple still own another apartment in Manhattan
Tom Brady and Gisele
Tom Brady, Gisele Bundchen
| Credit: George Pimentel/Getty

Tom Brady and Gisele Bündchen have sold their New York City apartment, a source confirms to PEOPLE.

The quarterback, 43, and supermodel, 40, who now live in Tampa, Florida, sold the property located in Manhattan's TriBeCa neighborhood for under $40 million.

The source tells PEOPLE that the couple still own another apartment in the Big Apple.

"They own 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.

They previously sold a high-rise Manhattan residence that had been listed for $14 million in 2018. The final sale price was not disclosed.

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 Brady
Tom Brady and son Jack
| Credit: Aflo/Shutterstock

As for Brady and Bündchen's Los Angeles house hunt, a real estate insider tells PEOPLE that the couple is "thinking ahead" beyond Brady's football career.

"Tom will have projects based in L.A., and the people he's partnering with on his first project are also in L.A.," the insider 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."

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.

Gisele Bundchen and Tom Brady
Tom Brady, Gisele Bundchen
| Credit: Matt Winkelmeyer/MG18/Getty Images

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.