The Real Deal New York

Nathan Berman closes on 20 Broad ground lease for $185M

Deutsche Bank and Vanbarton Group provided funding for the deal

December 23, 2015 08:04AM

From left: 20 Broad Street and Nathan Berman

From left: 20 Broad Street and Nathan Berman

New details have emerged on Nathan Berman’s purchase of the leasehold at the former New York Stock Exchange building at 20 Broad Street in the Financial District, including the lenders and the final price: $185 million.

Nathan Berman’s rental conversion firm, Metro Loft Management, bought the leasehold to the 473,000-square-foot building with plans to remake it into a “white glove” luxury rental property containing about 500 apartments.

Deutsche Bank was the lender on the deal, with the Vanbarton Group providing preferred equity, the New York Post reported.

Vornado Realty Trust, the seller, operated the 27-story structure as an office building for serving the NYSE. But, as electronic stock trading has become the norm, it has become less necessary for firms to maintain offices close by.

Back in October, Vornado reported a price tag of $200 million, or $423 per square foot, for the leasehold at 20 Broad Street.

David Ash and Alexander Vial of Prince Realty Advisors represented both sides in the sale.

The ground lease is in effect until 2081, when the NYSE will have the right to take the building back. [NYP]Ariel Stulberg