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Arad Holdings buys 70 Broad Street for $9.35 million
The deal is a steep discount versus the property’s prior $88 million listing price in 2016.
Arad Holdings paid $9.35 million to buy the landmarked American Bank Note Company Building at 70 Broad Street in Manhattan’s Financial District, Commercial Observer reports. The purchase price is far below the $88 million figure the five-story property originally reached when it came to market in 2016, and also below the $20 million paid for the building in an auction last year by former lender Wilmington Trust.
The buyer plans to reposition the 19,478 square-foot property at 70 Broad Street, located between Beaver and Marketfield streets. The outlet reports that the building has commercial space on the first, second, and lower levels, and that a private elevator provides access to three full floors of residences.
The exact plans for the long-vacant building were not clarified in the report, but Commercial Observer notes that it was once home to a bank note maker.
Arad Holdings was represented by Louis Franco and Joseph Isa of Isa Realty Group, along with attorney Eric S. Schoenfeld of Tannenbaum Helpern, according to the publication. The company is also involved in the joint venture that purchased the 298-room former Ritz-Carlton and Wagner hotel in Battery Park City.