Arad Holdings has paid $9.35 million for 70 Broad Street, the five-story American Bank Note Company Building in Manhattan's Financial District, according to Commercial Observer.
The deal transfers ownership of a landmarked Lower Manhattan property at a substantial reduction from earlier valuation benchmarks. The building was brought to market in 2016 with an $88 million asking price.
The purchase price also falls below the $20 million paid by former lender Wilmington Trust for the property. The transaction underscores the extent to which pricing for individual Financial District assets can shift from prior sale and marketing expectations.
For Arad Holdings, the acquisition adds a historic commercial building in one of Manhattan's most established downtown office districts. The reported sale provides a new pricing reference for the property after years of changing market conditions.
