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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.

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