The sale of the landmarked American Bank Note Company Building at 70 Broad Street for $9.35 million is a stark data point in Manhattan's post-foreclosure commercial real estate market. The five-story Neoclassical property, located between Beaver and Marketfield streets, originally hit the market in 2016 with an $88 million asking price. By 2018, that ask had been cut to roughly $43 million, and the building remained largely vacant for years. The final price represents a discount of roughly 89 percent from the original ask and about 53 percent from the $20 million credit bid that gave former lender Wilmington Trust control in 2025. The buyer, whose identity was not disclosed, plans to reposition the 19,478-square-foot property, though exact plans are unclear.
The property's mechanics show a long decline through multiple ownership and financing events. Designed in the early 1900s by Kirby, Petit & Green as the American Bank Note Company's administrative and sales offices, the building sold to the Bank of Tokyo in 1988 and was later purchased by fast-food franchisers Murray and Irving Riese for $3.5 million. Tony Goldman bought it in 1995 for $1.3 million for a restaurant and his offices. A Chinese investment group affiliated with the Chen family and Winta Asset Management acquired the property for approximately $18 million in 2010 and undertook a major renovation and repositioning. In 2015, Winta financed the property with a $15 million loan originated by Silverpeak Real Estate Finance, which was subsequently securitized. Foreclosure proceedings began in 2020, leading Winta to file for Chapter 11 in 2024. Wilmington Trust, as trustee for the CMBS trust, took control through a $20 million credit bid in 2025.
The evidence comes from a single Commercial Observer report by Lois Weiss, published October 6, 2026. The report cites the $9.35 million sale price, the $88 million 2016 ask, the $20 million Wilmington Trust credit bid, and the earlier transaction prices of $3.5 million, $1.3 million, and $18 million. It also identifies the buyer's representatives—Louis Franco and Joseph Isa of Isa Realty Group, along with attorney Eric S. Schoenfeld of Tannenbaum Helpern—and the Cushman & Wakefield team that represented Wilmington Trust: Dylan Walsh, Bryan Hurley, Jeremy Stern, and Kieran Baker. The report notes that the first, second, and lower levels have commercial spaces, while a private elevator leads to three full-floor residential units on the third through fifth floors. The story was updated to clarify that Arad Holdings was not part of the transaction.
For the Financial District and the broader commercial real estate sector, the sale illustrates how severely distressed landmarked assets can reprice after foreclosure. A building that once commanded an $88 million ask and was financed with a $15 million securitized loan ultimately traded for less than the original loan amount. The gap between the 2016 ask and the 2025 credit bid already signaled lender expectations of a major loss, and the subsequent sale at $9.35 million suggests the credit bid itself may have been optimistic relative to actual market demand. The property's mixed-use configuration—commercial space on lower floors and residential units above—may offer repositioning flexibility, but the long vacancy and landmarked status could constrain renovation options and timing.
The analysis is limited by the single-source nature of the evidence. The buyer's identity, financing, and specific repositioning plan are not disclosed in the Commercial Observer report. There is no independent confirmation of the sale price or the prior transaction figures, and no information on carrying costs, landmark compliance requirements, or the condition of the residential and commercial spaces. The report does not state whether the $9.35 million price includes any assumed liabilities or closing adjustments. Future reporting should watch for the buyer's formal plans, any landmark preservation approvals, and whether the property's re-entry to the market establishes a new pricing benchmark for similar Financial District conversions.