NEW YORK CITY-Seizing upon Downtown's evolution—and the appeal of the planned future improvements in the area—Northwood Investors has purchased 100 Broadway, a 24-story office building located on the southeast corner of Broadway and Pine Street in Lower Manhattan. The price of the sale was undisclosed but, according to the New York Post, the building traded for $150 million.
The 1897-vintage tower price breaks down to approximately just under $400 per square foot, the Post reports, which is a healthy figure for an older property. The cap rate is in the mid-6 range.
Brookfield Financial served as the sole advisor to Northwood Investors on this off-market transaction. Led by managing partner Chris Wilson, the brokerage team also was responsible for bringing Northwood together with the sellers. Wilson was unavailable for comment at press time.
"We believe that Lower Manhattan is an evolving and dynamic office market and that 100 Broadway is a terrific property in an outstanding location,” says John Kukral, president and CEO of Northwood. “While the prior owners have been very successful in leasing the property, we believe it is very well positioned to benefit in the long term from the improvements taking place in the area.
100 Broadway is an historic building with a landmark lobby and facade, and includes two floors of retail and 22 office level floors. The property features 360,000 total rentable square-feet of office space, as well as 40,000 square-feet of rentable retail space on the ground floor, second floor, and lower level. The building is close to the World Trade Center site and steps away from Wall Street. It sits near virtually all of the city's modes of transportation.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
