The Real Deal New York

Tribeca Associates secures $96M loan for 30 Broad deal

M&T Bank provides financing for leasehold acquisition of FiDi office tower

April 08, 2016 11:10AM
By Rey Mashayekhi

30 Broad Street

From left: 30 Broad Street in the Financial District and Mark Gordon

Tribeca Associates is financing its acquisition of the 47-story office tower at 30 Broad Street with a $96.2 million loan from M&T Bank, according to property records filed with the city Friday.

The Tribeca-based real estate investment and development firm – led by Bill Brodsky, Elliott Ingerman and Mark Gordon – closed on its $130 million purchase of the Financial District property’s leasehold on April 1. The firm is taking over control of the nearly 477,000-square-foot office building from a partnership led by Charles Ishay’s Gotham Realty Holdings.

The leasehold runs through 2079, as Crain’s reported in January, with Tribeca Associates paying $2.7 million in annual rent to the property’s owner — the estate of late developer Sol Goldman — through 2035. The terms of the leasehold will change after that date, with the annual rent resetting to 4.5 percent of the land’s market value.

Tribeca Associates is best known for co-developing the Baccarat Hotel and Residences, at 20 West 53rd Street in Midtown, alongside Barry Sternlicht’s Starwood Capital Group. Neither Tribeca Associates nor M&T Bank could be immediately reached for comment.

Gotham Realty Holdings acquired the leasehold interest in 30 Broad Street from MHP Real Estate Services for $99 million in 2006, when the annual rent on the property was $430,000. Ishay’s firm tapped a JLL team of Scott Latham, Inbal Himelblau-Denman, Anthony Ledesma and Stephen Shapiro to market the leasehold in 2014, as The Real Deal reported, with Gotham asking nearly $170 million at the time.

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