The eight-story building is situated on the northeast corner of Broadway and 4th Street in Greenwich Village. It was an abandoned property when it was purchased by the National Audubon Society in 1989. The not-for-profit conservation organization renovated the facility and made it a model of green office technology.
In March, Jared Kushner was reportedly in contract to buy the building for $80 million, but the sale fell through. In Dec. 2006, Lincoln Property purchased the Greenwich Village building for $53 million from the National Audubon Society in an off-market transaction, as GlobeSt.com previously reported. At the time, the building was almost completely leased with non-for-profit tenants.
The building at "700 Broadway is a 19th century masterpiece with a timeless design," says James Stein, SVP of Lincoln's New York City office, who represented the seller in the sale. "The asset is a groundbreaking facility and offers energy-efficient, environmentally responsible workspace to the new owner." Stein tells GlobeSt.com that Lincoln is "pleased with the transaction" and wished the buyers "much success with their asset," but he declines to offer anything further.
The building was built in 1891 and was designed by architect George B. Post, whose other works included the Williamsburg Bank Building and the New York Stock Exchange. The renovated building was designed to use less energy than a "conventional" New York City code-compliant office building. Its energy-efficient features--from the thermal shell to the lighting reductions--were designed to reduce building operating expenses. The building represents one of the largest blocks of available office space in Midtown South, according to Stein. The NoHo subdistrict has one of the lowest vacancy rates in New York City and asking rents in comparable buildings have risen considerably.
"Green building technology is not only alluring, but it's economical," Stein says. "We think the new owner will embrace this technology, appreciate this building and love this neighborhood."
The buyer was represented by senior managing directors Paul Davidson and Michael Moorin of locally based Newmark Knight Frank, along with James Kuhn, president of Newmark Knight Frank and head of the firms' Capital Group. Queries to NKF were not returned to GlobeSt.com by deadline.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
