Manhattan Building Sold for $9.35 Million
The historic 70 Broad Street building in the Financial District traded hands following a series of foreclosures.
Updated on Oct. 6, 2026 in Commercial
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Arad Holdings has acquired the 19,478-square-foot American Bank Note Company Building at 70 Broad Street for $9.35 million. The purchase follows a series of ownership changes and financial distress for the property, which was last acquired by Wilmington Trust in 2025.
Why it matters
The sale highlights the significant volatility in Manhattan commercial real estate valuations over the last decade. Investors tracking the Financial District market may note the sharp decline from the property's previous asking prices as owners reposition assets following bankruptcy and foreclosure cycles.
Arad Holdings purchased the 19,478-square-foot building for $9.35 million. This sale comes after the property traded for $20 million in 2025 and was once listed for as much as $88 million in 2016.
The players
Arad Holdings
The investment group that acquired the building at 70 Broad Street to reposition the asset.
Wilmington Trust
A financial services institution that previously acquired the property through a credit bid during foreclosure.
Winta Asset Management
The investment firm that filed for Chapter 11 bankruptcy in 2024.
The details
The property includes commercial spaces on the first, second and lower levels, along with three full-floor residential units on the upper floors. Wilmington Trust sold the asset to Arad Holdings after obtaining it through a credit bid during previous foreclosure proceedings. Arad Holdings has indicated plans to reposition the property, which has moved through several hands since Winta Asset Management filed for Chapter 11 bankruptcy in 2024.
Timeline
1988: The property was sold to the Bank of Tokyo.
2010: A Chinese investment group acquired the building.
2016: The property was listed for sale with an $88 million asking price.
2024: Winta Asset Management filed for Chapter 11 bankruptcy.
2025: Wilmington Trust acquired the property for $20 million.
Money Landscape
The sale of 70 Broad Street follows the 2024 Chapter 11 bankruptcy of Winta Asset Management, which triggered a period of financial instability for the property. This transaction marks a sharp decline in the building's market value compared to its 2016 peak.
Local property investors and residents should monitor how the repositioning of this Financial District asset impacts area commercial foot traffic and residential unit availability. Consult with a qualified real estate or tax professional to understand how local market shifts influence property investment strategies.
The takeaway
Commercial real estate valuations in major hubs remain highly sensitive to ownership cycles and debt-related turnover. Review local property tax assessments and district development plans if you have interests in neighborhood real estate holdings.
Further reading
For broader trends in the market, visit the New York City Commercial section.
Source note: This article includes information reported by Commercial Observer.
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