A FiDi landmark with a storied past is back on the market with a significant price drop. The American Bank Note building was built in 1908 by architects Kirby, Petit & Green to serve as the company’s headquarters, then later bought by a foundation of the late Maharishi Mahesh Yogi and used as a meditation retreat. The landmarked building at 70 Broad Street was last sold to a Chinese construction firm in 2010 for $18 million. The new owners renovated the opulent Neo-Classical structure in 2015 and put it on the market for a whopping $88 million in 2016. On Friday, the listing hit the market again, this time with a slightly more moderate $43 million price tag.
Originally used to produce bank notes, currency, stamps, and stock certificates, the building contains three levels of corporate facilities, including an impressive lobby and conference rooms. The nearly 20,000-square-foot building also boasts three elegant full-floor residential apartments accessed by a private elevator. Each apartment features large windows, two living rooms, a full dining room and separate breakfast room, kitchen, two bedrooms with en-suite bathrooms, an additional full bathroom, and a washer/dryer room.
Speaking to Mansion Global, listing broker Byron Hero of Brown Harris Stevens mused that the next incarnation of the building’s life could be as a private residence. “You could have ballrooms, dining rooms, reception rooms, a gallery for your art,” he said. “This would be a palace.”
More likely, the building will become a hotel or, due to its location, the headquarters of a bank. Located just steps away from the New York Stock Exchange and Federal Hall, the building is zoned for commercial and residential use and is ideally suited for hotel, club, restaurant, retail, office, or residential development. Substantial air rights are also included as part of the sale.
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Listing images courtesy of Brown Harris Stevens
Neighborhoods : Financial District