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Peebles Buys Courthouse; Plans Upscale Hotel and Condos

NEW YORK CITY-The Tribeca property, sold for $160 million, is the landmarked former headquarters of the New York Life Co.

By Rayna Katz | Updated on December 13, 2013

NEW YORK CITY-Banking on the continuing strength of the Downtown market, the Peebles Corp. has purchased 346 Broadway—a building that had been serving primarily as a courthouse—for $160 million, with plans to spend more to convert the asset into a five-star hotel and condominiums.

Peebles purchased the landmark edifice, in conjunction with the Elad Group, from the city; they intend to invest $100 million in the property, according to the Real Deal. Another $300 million will be spent on the project. Goldman Sachs also provided an acquisition and pre-development loan of an undisclosed amount, the source said. The remainder of funds is from other debt.

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