Peace Palace for sale for $45 million
September 17, 2009 04:10PM By Candace Taylor
How much would you pay for peace of mind?
A five-story meditation center at 70 Broad Street is now for sale. The price tag? $45 million.
70 Broad Street
The landmarked, neoclassical building, built in 1908 by the American Bank Note Company, is currently owned and occupied by the Global Country of World Peace, a non-profit organization founded in the 1990s by Maharishi Mahesh Yogi, who introduced Transcendental Meditation in the 1950s. The technique became wildly popular in the 1960s and 70s, attracting followers like the Beatles, the Beach Boys and Jane Fonda.
The group, which has centers called "Maharishi Peace Palaces" all over the world, purchased the stately granite building from developer Tony Goldman for $5.5 million in 2004, according to city records.
It's since been renovated, and is now being used for instruction and lectures on meditation, said Richard Quinn, a spokesperson for the organization. The upper floors have been outfitted as luxury apartments for use by guests of the group or organization VIPs, Quinn said.
Before the non-profit took over, the space housed Goldman's Wall Street Kitchen and Bar.
"It could be perfect for somebody who would like to have a beautiful residence right by the stock exchange," Grossenbacher said.
That's not as improbable as it sounds. In recent years, the Financial District has become more and more popular with families attracted by lower prices and good schools in the area.
Very large spaces in particular are in demand, according to Ariel Cohen, an executive vice president at Prudential Douglas Elliman, who is listing a $22.5 million apartment nearby.
"Now, there is life after 5 p.m." in the area, said Grossenbacher, who has already received several inquiries from local buyers, including one who is interested in residential use.
70 Broad Street
The building, with its stately granite façade, Corinthian columns and carved eagle above the entrance, may seem like an unlikely place for meditation. But Quinn said Global Country of World Peace felt it was important to be located in Lower Manhattan because of its proximity to so many of the city's movers and shakers. If the property does sell, he said, the group would look for another space in the Financial District.
"We have a global mission to improve quality of life on Earth by improving collective consciousness," Quinn told The Real Deal. "A lot of decisions are made in [the Financial District,] and we felt our presence there could be helpful to raise coherence."
Partly for that reason, the group is not necessarily in a hurry to sell, he said; rather, it's focused on getting the right price.
"It's not that we want to leave Wall Street," he said. "We feel that the property has such unique value, if it sold at the right price that we would be able to further our goals and mission more fully."
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Comments
Anonymous
5 years and 40 million dollars + worst market ever Keep on meditating.
Comment #1 Posted By: Anonymous 09/17/09
Anonymous
This is the stupidest thing i have ever seen. Why would the property be worth a dollar more now than it was in 2004. Residential brokers should stick to renting apartments.
Comment #2 Posted By: Anonymous 09/17/09
Anonymous
$45M??????? The idiot who took this listing deserves to waste her time.
Comment #3 Posted By: Anonymous 09/17/09
Anonymous
Wow, just read some of the history behind the building. Incredibly unique and beautiful design.
Comment #4 Posted By: Anonymous 09/17/09
Anonymous
Must be a typo error. Wall Street is losing value. Hey you this isn't Montauk!!!
Comment #5 Posted By: Anonymous 09/17/09
Anonymous
Wait. $3000 a foot? Sign me up that sounds good. I mean are you crazy!! Why would the real deal advertise this garbage?? Its not Real!The broker should have their license revoked and put in permanent meditation with the hallucinating owner
Comment #6 Posted By: Anonymous 09/17/09
Anonymous
world class location + world recognized historic building +complete gut renovation = $3,000 psf. I mean where else can you buy a property like this?? It's one of a kind
Comment #7 Posted By: Anonymous 09/17/09
Anonymous
hampton inn lobby
Comment #8 Posted By: Anonymous 09/17/09
Anonymous
i want world peace. real estate seems kind of irelevant compare to that
Comment #9 Posted By: Anonymous 09/17/09
Anonymous
I wouldn't want to live in the Financial District for anything... No views, no light, why pay 3,000$/sf? Do you now what you can get in Miami or CA for the same price? This is nuts. It should not be more than 10-15 MM$
Comment #10 Posted By: Anonymous 09/18/09
Anonymous
There's no light when by water street, the seaport, west street? Are you an idiot?
Comment #11 Posted By: Anonymous 09/18/09
Anonymous
This will sell for $12,000,000 - $15,000,000. No more. Let there be NO doubt that the Seller has no expectation of getting half of the $45,000,000 ask.
Comment #12 Posted By: Anonymous 09/18/09
Anonymous
Ahhh... Yes! A mere $3,000 per sq '. What ever happened to the "Ficuciary Responsibility" in the Code of Ethics of REALTORS? Something about not over-pricing a property to lure the seller into a false sense of expectations. But, then again....perhaps the listing broker was smokin' the ganja and was blinded my the smoke of (many) burning sticks of Nag Champa when he prepared the "comps" and came up with the list price? And, as we professionals all know...You can alway come down, but you can never go up! "Don't Bogart that joint". Pass the doobie, my brothers."
Comment #13 Posted By: Anonymous 09/18/09
Maharishi Yogi Berra
That's HILARIOUS! I thought I read that the listing belonged to Douglas Ellliman....but after re-reading the story I see it's listed by Brown Hashish Stevens. Choke, choke. I needed a good laugh. Happy New Year!
Comment #14 Posted By: Maharishi Yogi Berra 09/18/09
Outie 315
Repeat your MANTRA!
Comment #15 Posted By: Outie 315 09/20/09
SwamiRamanada
Change the currency in Rupees and meditate upon.
Comment #16 Posted By: SwamiRamanada 09/20/09
Raja Real World
Maybe these guys at 40 Broad need to meditate on the nature of reality. as in get real!
Comment #17 Posted By: Raja Real World 09/21/09
Anonymous
If you want to live in your very own mausoleum before you're dead, then buy this place!
Comment #18 Posted By: Anonymous 12/28/09