Manhattan-based development and management company United American Land purchased an 18,089-square-foot office building at 315 Broadway for $18.3 million.
The sale for the five-story building between Thomas and Duane Streets closed on Oct. 27, according to property records published today. The seller was a partnership involving Ramrod Realty Management and Chloe Elizabeth Realty, city records indicated.
“We are extremely honored to have completed this successful transaction for our clients whom decided to sell into the strongest market Lower Manhattan has ever seen,” HFF’s Eric Anton said in a news release.
Mr. Anton and colleagues Rob Rizzi, Steven Rutman and David Fowler worked on the deal for the selling party. United American Land did not have a broker in the transaction.
The property has 13-foot high ceilings, cast-iron columns and exposed brick walls. There is also 3,900 square feet of ground floor retail space currently occupied by a liquor store, Broadway Spirits, and a pizzeria. The property can be converted for residential use, an idea that United American Land is considering.
“We paid a very high number, but the area is getting stronger by the day,” Albert Laboz of United American Land told Commercial Observer. “We can be very flexible on how to reposition it.”
United American Land owns numerous buildings in the area, including the nearby 319 Broadway, 65 Reade Street, and 122 and 146 Duane Street.