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New York

70 Broad price slashed by a third, or $15M

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The Peace Palace at 70 Broad Street in the Financial District, which hit the market in mid-September at $45 million, has just seen its price slashed by a third. The 15,218-square-foot mixed-use structure, also known as the American Bank Note Company Building, is now available for $30 million. Transcendental Meditation non-profit group Maharishi Mahesh Yogi is the current owner of the century-old building. The group purchased the building from developer Tony Goldman in 2004, paying just $5.5 million — a fraction of the property’s current asking price. Richard Quinn, a spokesperson for the group, told The Real Deal in September that Maharishi Mahesh Yogi isn’t concerned with selling the building quickly and would be willing to wait for the right buyer, at the right price.

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Price Cuts