NEW YORK CITY-Seizing upon Downtown's evolution—and the appealof the planned future improvements in the area—NorthwoodInvestors has purchased 100 Broadway, a 24-story officebuilding located on the southeast corner of Broadway and PineStreet in Lower Manhattan. The price of the sale was undisclosedbut, according to the New York Post, the building tradedfor $150 million.
The 1897-vintage tower price breaks down to approximately justunder $400 per square foot, the Post reports, which is ahealthy figure for an older property. The cap rate is in the mid-6range.
Brookfield Financial served as the sole advisorto Northwood Investors on this off-market transaction. Led bymanaging partner Chris Wilson, the brokerage teamalso was responsible for bringing Northwood together with thesellers. 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.
