Northwood Investors has secured a $150 million mortgage for 100 Broadway in the Financial District, according to city records.
The Metropolitan Life Insurance Company served as the lender in the transaction. The firm assumed a $130 million mortgage from Canadian Imperial Bank of Commerce and provided a $20 million loan.
The property, also known as the American Surety Company Building, is a 24-story tower located at the southeast corner of Broadway and Pine Street. It contains 360,000 s/f of office space and 40,000 s/f o0f retail space on the ground floor. The structure, designed by Architect Bruce Price, was designated a New York City landmark in 1997. When it was built in 1897, it was the second highest tower in the city. It was also one the first buildings in the city to incorporate structural techniques such as steel framing and curtain wall construction.
Northwood acquired the 380,000 s/f tower in 2013 for $150 million. The previous owner was a joint venture led by Madison Capital and Meadow Partners. Tenants in the building include men’s underwear maker Tommy John, women’s clothing firm MM.LaFleur and IA Interior Architects.