Tribeca Associates secures $96M loan for 30 Broad deal

M&T Bank provides financing for leasehold acquisition of FiDi office tower

30 Broad Street
From left: 30 Broad Street in the Financial District and Mark Gordon

Tribeca Associates is financing its acquisition of the 47-story office tower at 30 Broad Street with a $96.2 million loan from M&T Bank, according to property records filed with the city Friday.

The Tribeca-based real estate investment and development firm – led by Bill Brodsky, Elliott Ingerman and Mark Gordon – closed on its $130 million purchase of the Financial District property’s leasehold on April 1. The firm is taking over control of the nearly 477,000-square-foot office building from a partnership led by Charles Ishay’s Gotham Realty Holdings.

The leasehold runs through 2079, as Crain’s reported in January, with Tribeca Associates paying $2.7 million in annual rent to the property’s owner — the estate of late developer Sol Goldman — through 2035. The terms of the leasehold will change after that date, with the annual rent resetting to 4.5 percent of the land’s market value.

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Tribeca Associates is best known for co-developing the Baccarat Hotel and Residences, at 20 West 53rd Street in Midtown, alongside Barry Sternlicht’s Starwood Capital Group. Neither Tribeca Associates nor M&T Bank could be immediately reached for comment.

Gotham Realty Holdings acquired the leasehold interest in 30 Broad Street from MHP Real Estate Services for $99 million in 2006, when the annual rent on the property was $430,000. Ishay’s firm tapped a JLL team of Scott Latham, Inbal Himelblau-Denman, Anthony Ledesma and Stephen Shapiro to market the leasehold in 2014, as The Real Deal reported, with Gotham asking nearly $170 million at the time.