The Real Deal New York

80 Broad Street selling for $175M

Broad Street Development paying three times more than what the building went for in 2011

July 01, 2014 08:30AM

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From left: Raymond Chalme and 80 Broad Street

From left: Raymond Chalmé and 80 Broad Street

With a price tag of $175 million — or roughly $400 per square foot — 80 Broad Street is selling for three times more than what the current owners shelled out for the property in 2011.

Broad Street Development, lead by Raymond Chalmé and Daniel Blanco, is in contract to buy the 36-story, 430,000-square-foot pre-war tower from Savanna Investment Fund. Savanna took control of the building in 2011, when it bought the senior mortgage on the property at a 12 percent discount to the loan’s $75 million face value.

Doug Harmon and Adam Spies of Eastdil Secured brokered the sale.

Chalmé told the New York Post he is happy with the impending purchase. He also told the newspaper that Savanna had done a good job “cleaning up” the property.

“It needed new infrastructure and it was impacted by Hurricane Sandy,” Chalmé told the Post. [NYP, 1st] – Claire Moses

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