The eight-story building is situated on the northeast corner ofBroadway and 4th Street in Greenwich Village. It was an abandonedproperty when it was purchased by the National Audubon Society in1989. The not-for-profit conservation organization renovated thefacility and made it a model of green office technology.

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In March, Jared Kushner was reportedly in contract to buy thebuilding for $80 million, but the sale fell through. In Dec. 2006,Lincoln Property purchased the Greenwich Village building for$53million from the National Audubon Society in an off-markettransaction, as GlobeSt.com previously reported. At the time, thebuilding was almost completely leased with non-for-profittenants.

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The building at "700 Broadway is a 19th century masterpiece witha timeless design," says James Stein, SVP of Lincoln's New YorkCity office, who represented the seller in the sale. "The asset isa groundbreaking facility and offers energy-efficient,environmentally responsible workspace to the new owner." Steintells GlobeSt.com that Lincoln is "pleased with the transaction"and wished the buyers "much success with their asset," but hedeclines to offer anything further.

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The building was built in 1891 and was designed by architectGeorge B. Post, whose other works included the Williamsburg BankBuilding and the New York Stock Exchange. The renovated buildingwas designed to use less energy than a "conventional" New York Citycode-compliant office building. Its energy-efficient features--fromthe thermal shell to the lighting reductions--were designed toreduce building operating expenses. The building represents one ofthe largest blocks of available office space in Midtown South,according to Stein. The NoHo subdistrict has one of the lowestvacancy rates in New York City and asking rents in comparablebuildings have risen considerably.

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"Green building technology is not only alluring, but it'seconomical," Stein says. "We think the new owner will embrace thistechnology, appreciate this building and love thisneighborhood."

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The buyer was represented by senior managing directors PaulDavidson and Michael Moorin of locally based Newmark Knight Frank,along with James Kuhn, president of Newmark Knight Frank and headof the firms' Capital Group. Queries to NKF were not returned toGlobeSt.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.