Tribeca office building selling for $40M

The slowdown in the commercial sales market hasn’t stopped Class B
buildings from trading at high prices. In the Tribeca historic
district, 396 Broadway will reportedly be sold for $40 million by a
group controlled by Isaac Chetrit, which bought it for just $1 million
in 1994. A Spanish company is reportedly planning on buying the
10-story, 61,000-square foot building for $653 per square foot. “That
portion of Lower Broadway needs a boost but this is a tremendous
opportunity with a lot of frontage for retailers and a great building,”
David Barrette of Cast Iron Real Estate, who is representing Chetrit.
“That area will flourish.”