Gotham Realty taps JLL to market 30 Broad

Landlord has been shopping the 46-story tower since June

TRD New York /
Sep.September 30, 2014 02:00 PM

UPDATED, 3:54 p.m., Sept. 30: After four months of trying to push the property themselves, Charles Ishay’s Gotham Realty Holdings is bringing in JLL to help it sell 30 Broad Street, a 46-story Downtown office tower.

A JLL team composed of Scott Latham, Inbal Himelblau-Denman, Anthony Ledesma and Stephen Shapiro will be marketing the 420,000-square-foot property, according to a source familiar with the process. The tower is located on the southwest corner of Exchange Place and is just under 90 percent leased, according to CoStar Group data.

Gotham controls the tower through a ground lease with the estate of Sol Goldman. That contract runs through 2079, and is up for renewal in 2035. The firm paid Murray Hill Properties $99 million, or about $235 a foot, for the lease in 2006. Gotham pays an annual rent of just $430,000 — a fraction of the building’s estimated pre-tax net operating income of $8.7 million, according to property records.

It wasn’t clear how much Gotham will be looking to get for the property. In June, a source familiar with the search for a buyer told The Real Deal that the landlord was aiming for $400 a foot, or $168 million. RXR Realty paid $420 a foot for Nearby 61 Broadway earlier this year, but that was for outright ownership of the building and not just for a ground lease.

Effective rents at the building are in the mid-$30s per square foot, according to CompStak. Many of the tenants’ leases are set to expire in the next seven years.

Representatives for Gotham couldn’t be immediately reached for comment, nor could representatives for JLL.

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