Northwood pays $150M for FiDi office tower

TRD New York /
Aug.August 20, 2013 08:30 AM

Northwood Investors, the owner of the New York Palace Hotel, has paid $150 million for an office building at 100 Broadway in the Financial District, the New York Post reported.

The 24-story, 380,000-square-foot tower was built in 1897 and sold for a shade under $400 per square foot. The seller was a joint venture headed up by Meadow Partners and Madison Capital. Asking rents at the building are in the high $30s, and the occupancy rate is just under 90 percent, according to the newspaper.

The deal was brokered by Brookfield Financial’s Chris Wilson, who declined to confirm the price but told the Post that Northwood tends to make acquisitions with a “long-term perspective” in mind.

The joint venture had paid $115 million for the building in October 2011. They also recently sold a 92 percent stake in 655 Fifth Avenue to Vornado Realty Trust for $278 million. [NYP]  – Hiten Samtani


Related Articles

arrow_forward_ios
From left: 86-08 Queens Boulevard, 169 First Avenue and 3540 Decatur Avenue (Credit: Google Maps)

Raymour & Flanagan purchase tops week’s mid-market investment sales

Clockwise from top left: 37 Perry Street, 595 Broadway, 1424-1428 Lexington Avenue, 204 Fourth Avenue and 93 North Ninth Street (Credit: Google Maps)

Gowanus trade biggest of six mid-market investment sales this week

Clockwise from left: 2 East 55th Street, 25-25 Borden Avenue and 91 Ludlow Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

From left: 295 Fifth Avenue, 3 World Trade Center, 50 Rockefeller Plaza (Credit: Google Maps, Wikipedia)

These were NYC’s top office leases in October

1 Flatbush Avenue and the site at 570 Fulton Street (Credit: Google Maps)

Pair of DoBro properties up for sale by Slate, Meadow Partners

1890 Lexington Avenue and 22 St. Marks Place (Credit: Google Maps)

Here’s what last week’s $10M-$30M investment sales market looked like

275 Park Avenue in Brooklyn (Credit: StreetEasy)

“Chocolate” building near new Wegmans satisfies sweet tooth for free-market deals

295 Fifth Avenue with Tribeca Associates principals Elliot Ingerman and Bill Brodsky (Credit: Google Maps, LinkedIn)

Textile Building to get $300M overhaul

arrow_forward_ios