Arad Holdings has acquired the landmarked American Bank Note Company Building at 70 Broad Street in Manhattan's Financial District for $9.35 million. This sale price represents a significant discount, especially compared to the $88 million for which the five-storey property was originally listed in 2016, and the $20 million paid by former lender Wilmington Trust at auction last year.
Arad Holdings, a company also involved in the joint venture that acquired the former 298-room Ritz-Carlton / Wagner Hotel in Battery Park City, was represented in this transaction by Louis Franco and Joseph Isa of Isa Realty Group. Solicitor Eric S. Schoenfeld of Tannenbaum Helpern also assisted them. Wilmington Trust was represented by a Cushman & Wakefield team comprising Dylan Walsh, Bryan Hurley, Jeremy Stern, and Kieran Baker.
Repositioning a Historic Property
Arad plans to reposition the 19,478 square-foot property at 70 Broad Street, located between Beaver Street and Marketfield Street. The building once housed a bank note manufacturer. Arad's exact plans for the long-vacant property are not yet fully known. The first, second, and lower floors feature commercial space. A private lift leads to three full floors of residential units on the third to fifth storeys.
The neoclassical building was designed in the early 20th century by Kirby, Petit & Green to house the administrative and sales offices of the American Bank Note Company. It is characterised by two long, imposing columns, typical of financial institutions, and a carved eagle above the entrance. The company formerly produced currencies, stock certificates, and other materials requiring intaglio printing.
History of a Chequered Ownership
The property was sold to Bank of Tokyo in 1988 and later acquired by fast-food franchisees Murray and Irwin Reise for $3.5 million. Tony Goldman, the later founder of Wynwood in Miami, bought the property in 1995 for $1.3 million to house a restaurant and his offices. A Chinese investment group, associated with the Chen family and Winta Asset Management, acquired the property in 2010 for approximately $18 million and subsequently carried out extensive renovation and repositioning.
In 2015, Winta financed the property with a $15 million loan from Silverpeak Real Estate Finance, which was later securitised. The property was brought to market in 2016 with an asking price of $88 million. By 2018, the asking price had been reduced to around $43 million. However, the building remained largely vacant for years. Foreclosure proceedings began in 2020, leading Winta to file for Chapter 11 bankruptcy in 2024. Wilmington Trust eventually took control in 2025 as trustee for the Commercial Mortgage-Backed Securities (CMBS) trust through a $20 million credit bid.
