NEW YORK CITY-Gotham Broad LLC, an affiliate of Gotham Realty Holdings, has acquired the 431,502-sf 30 Broad St. for approximately $99 million. The seller was Murray Hill Properties.
The 50-story Art Deco office tower is located in the Financial District, just 200 feet from the New York Stock Exchange on the corner of Broad and Exchange Place. Carlton Advisory Services arranged an $84-million acquisition loan for Gotham. The locally based private real estate investment firm controlled by Charles Ishay and Avy Azeroual. The firm's other assets here include 909 Third Ave., 445 Park Ave., 313-39 West 34th St. and 36 West 47th St.
Floor sizes in the class B site range from 5,355 sf on the top floors to 14,000 sf on the lower floors. The lobby was refurbished in 1998 and now features a 24-hour concierge/security reception and renovated elevator interiors. The office was built in 1932.
The deal is consistent with Gotham's strategy of taking "stabilized properties with established revenue flow." Firm officials look for sites that have "close to capacity occupancy and long-term leases."
30 Broad St. is approximately 90% occupied by a roster of tenants under long-term leases. Some of the major tenants include the New York Stock Exchange, Posner Advertising, Bank of New York, Maximus and Wall Street Systems. Retail tenants include Champ Gourmet Croissant, Dijon, H & R Block and Subway. The site is advertised at rents ranging from $21 per sf to $32 per sf.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.