William Macklowe Company has secured $33 million to purchase 291 Broadway, a historic 19-story office building that spans 127,000 square feet in Lower Manhattan.
Ran Eliasaf’s Northwind Group provided the acquisition financing out of the firm’s Northwind Debt Fund III, a closed-end fund.
Newmark’s Jordan Roeschlaub, Adam Spies and Josh King arranged the transaction.
Billy Macklowe, founder of William Macklowe Company, described Northwind in a statement as “a proven entrepreneurial counterparty,” and described the deal as “a bespoke financing solution.”
Eliasaf, founder and managing partner of Northwind Group, said in a statement that his firm provided acquisition debt “at an attractive basis” and added that 291 Broadway benefits from both positive in-place cash flow and an efficient layout.
“We look forward to partnering with William Macklowe Company on the successful execution of this investment and are confident in their ability to position the property for its highest and best use,” he added.
291 Broadway is a Beaux Arts building that opened in 1910 during the height of the initial skyscraper boom. The office was known as the East River Savings Bank Building and served as the national headquarters and site of the historic library for the YMCA from 1949 to 1980.
Today the office building at the busy intersection of where Reade Street meets Broadway in the Tribeca neighborhood is only steps away from numerous subway stations, including Chambers Street, Park Place and City Hall.
“The property benefits from a diverse in-place tenant base and adaptable physical configuration, supported by enduring demand for Tribeca real estate, constrained supply and proximity to major transportation hubs,” said Northwind in a statement.
Brian Pascus can be reached at bpascus@commericalobserver.com.