Nathan Berman closes on 20 Broad ground lease for $185M

Deutsche Bank and Vanbarton Group provided funding for the deal

TRD NEW YORK /
Dec.December 23, 2015 08:04 AM

New details have emerged on Nathan Berman’s purchase of the leasehold at the former New York Stock Exchange building at 20 Broad Street in the Financial District, including the lenders and the final price: $185 million.

Nathan Berman’s rental conversion firm, Metro Loft Management, bought the leasehold to the 473,000-square-foot building with plans to remake it into a “white glove” luxury rental property containing about 500 apartments.

Deutsche Bank was the lender on the deal, with the Vanbarton Group providing preferred equity, the New York Post reported.

Vornado Realty Trust, the seller, operated the 27-story structure as an office building for serving the NYSE. But, as electronic stock trading has become the norm, it has become less necessary for firms to maintain offices close by.

Back in October, Vornado reported a price tag of $200 million, or $423 per square foot, for the leasehold at 20 Broad Street.

David Ash and Alexander Vial of Prince Realty Advisors represented both sides in the sale.

The ground lease is in effect until 2081, when the NYSE will have the right to take the building back. [NYP]Ariel Stulberg


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Vornado founder Steve Roth and Industrious co-founder Jamie Hodari (Credit: Getty Images)

Industrious to take 100K sf at Vornado’s One Penn Plaza

Vornado CEO Steve Roth and 595 Madison Avenue (Credit: Google Maps and Getty Images)

Fendi, Berluti take over old Coach flagship at 595 Madison

From left: Bruce Molser, David Schechtman, Bob Knakal, David Greenbaum, and Judi Pulice

New York’s real estate bigwigs offer predictions for 2020

11 Penn Plaza and Apple CEO Tim Cook (Credit: Vornado, Getty Images)

Apple is in talks for a lease at Vornado’s 11 Penn Plaza

Clockwise from left: 1290 Sixth Avenue, 40 Wall Street, President Donald Trump, Trump National Doral in Miami and Trump International Hotel in Washington, DC (Credit: Getty Images, Vornado, Wikipedia)

Trump Org’s office holdings help offset hotel losses: analysis

arrow_forward_ios
Loading...