Lender Wilmington Trust Takes Over Landmarked 70 Broad Street for $20M

Lender Wilmington Trust has emerged as the winning bidder in an auction to buy a landmarked building that was once home to a banknote maker in Manhattan’s Financial District.

Wilmington took control of the American Bank Note Company Building at 70 Broad Street from Winta Asset Management in a $20 million deal, according to city records made public Thursday.

Wilmington, which was previously the lender on the building and made the bid through special servicer Rialto Capital Advisors, has effectively acquired the five-story building following years of legal troubles and a federal foreclosure ruling ordering the sale of the property.

Northgate Real Estate Group President Greg Corbin brokered the auction. Corbin and Wilmington declined to comment. A spokesperson for Winta could not be reached for comment.

The five-story granite building was built in 1908 and previously served as the home of American Bank Note until it departed in the 1980s. The company, which traces its origins to 1795, at various times made stock and bond certificates, paper currencies and postage stamps prior to the establishment of the federal Bureau of Engraving and Printing, according to the Lower Manhattan Historical Association.

The building was given landmark protection by the New York City Landmarks Preservation Commission in 1997, according to the commission.

A Chinese investment and construction firm controlled by the Chen family bought 70 Broad Street in 2010 for $18 million, but ownership was transferred to Winta in 2015 through a $15 million loan from Silverpeak Real Estate Finance, PincusCo reported. The loan was later sold as bonds.

The building was then put on the market in 2016 for $88 million, but it never sold and the property has remained vacant for more than seven years, according to PincusCo and Commercial Observer.

In May, Winta filed for Chapter 11 bankruptcy for the 23,000-square-foot building between Marketfield and Beaver streets after a federal judge entered a $24.7 million judgment against the firm to foreclose on the property, The Real Deal reported.

Winta, which valued the building at $16 million, had defaulted on a $15 million loan around 2020 and ultimately became entwined in a legal battle with Wilmington, which was the trustee of the property’s mortgage, TRD reported.

But Winta’s bankruptcy filing effectively halted the foreclosure action and allowed the firm to market the property through Northgate, according to TRD.

Now Wilmington has taken possession of the property after its $20 million bid was the only offer received, records show.

Isabelle Durso can be reached at idurso@commercialobserver.com.