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.
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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.
