Would-Be Wall Street Mansion Sold to Chinese Firm for 60 Percent Off

Matt Chaban — Wed, 22 Dec 2010 21:20:35 -0400

With all the new condos, the Financial District has been transformed in recent years into the Residential District. Yet for all the converted office buildings, with their harbor-view, full-floored penthouses, there was never quite as a grand property like 70 Broad Street.

The former American Bank Note headquarters, a five-story Neo-Grec temple to money just off the Battery, was bought six years ago by a Transcendental Meditation group for all of $5.5 million, according to StreetEasy.

They created an actual temple to win Wall Street converts, but the meditation center proved too expensive to maintain and the building was put on the market for a whopping $45 million last year. The perfect mansion for some master of the universe, right?

Well, depending on one's geopolitical views, that's still the case, as a Chinese construction company has just bought 70 Broad Street for $18 million, according to The Journal. The current plan is to use the first two floors of the 15,218-square-foot building as offices for the company, with executives occupying the three apartments above.

For those still seeking a good meditation space, not to worry--a new center is opening nearby, funded in part by the considerable return on this deal.

mchaban [at] observer.com | @mc_nyo

Observer » Would-Be Wall Street Mansion Sold to Chinese Firm for 60 Percent Off

Would-Be Wall Street Mansion Sold to Chinese Firm for 60 Percent Off