By Al Barbarino
Carlton Advisory Services’ is marketing the 50-story office building located at 30 Broad Street.
Executives at the international real estate firm promise high returns on the 500,000 s/f Art Deco office tower, which is located 200 feet from the New York Stock Exchange, on the corner of Broad Street and Exchange Place in lower Manhattan.
“This is a tremendous opportunity to capitalize on the amazing growth which the downtown submarket is experiencing,” Carlton chairman Howard L. Michaels said in a statement.
The property can be “acquired effectively for a going-in, unlevered seven percent cap rate which will provide investors with double digit leveraged cash on cash returns.”
Back in 2006, Carlton arranged an $84 million acquisition loan on behalf of Gotham Broad, LLC, an affiliate of Gotham Realty Holdings, a New York private real estate investment firm. Gotham purchased the property for just under $82 million in March 2006, city records show.
The state-of-the-art building is the home of a New York Stock Exchange trading floor, which connects by private walkway to the main New York Stock Exchange facility. It is tenanted primarily by prominent financial and high tech firms.
Executives at Carlton did not return phone calls and an email seeking comment. Gotham Realty Holdings declined to comment.
*this article appeared in the March 21, 2012 print edition off Real Estate Weekly