The Real Deal New York

American Bank Note Building in FiDi back on market, asking $88M

The landmarked five-story property sold for $18M to a Chinese firm in 2010

March 18, 2016 03:45PM

70 Broad Street in the Financial District

70 Broad Street in the Financial District

The American Bank Note Building in the Financial District is back on the market, with the asking price of $88 million — a jump from the $18 million it was purchased for over five years ago.

In December 2010, a Chinese investment and construction firm bought the landmarked five-story, nearly 19,500-square-foot building at 70 Broad Street for $18 million.

According to CoStar, the buyer is listed as Gui Xin Hong, the New York Observer reported.

Before the sale to the Chinese firm, the property went through a myriad of prices, first asking $45 million in September 2009, before being chopped to a final asking price of $25.5 million, the Wall Street Journal reported.

Douglas Elliman’s Neal Sroka, Anita Grossberg and Jennifer Hui Lo are marketing the building. According to the brokerage’s marketing materials, there is 4,260 square feet of residences on floors three to five, the Observer reported.

Chinese investment in New York commercial real estate took off two years ago. Last year, investors were behind $5.4 billion in Manhattan commercial real estate deals, according to Real Capital Analytics. With global market turmoil and a slowdown in China, it is unclear how much investment will come in this year. [NYO]Dusica Sue Malesevic

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