Arad Holdings Purchased 70 Broad Street
The American Bank Note Company Building sold for $9.35 million after years of financial volatility.
Updated on Oct. 6, 2026 in Commercial
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Arad Holdings has acquired 70 Broad Street, a 19,478 square-foot property in Manhattan, for $9.35 million. The building, known as the American Bank Note Company Building, was sold by Wilmington Trust following years of foreclosure proceedings.
Why it matters
The sale marks a significant decline in value for the historic building, which hit the market for $88 million in 2016. The transaction concludes a cycle of ownership changes and legal challenges that began with a bankruptcy filing by Winta Asset Management.
The 19,478 square-foot building features commercial space on the first, second, and lower levels, with three full-floor residential units above. It most recently sold for $20 million to Wilmington Trust in 2025.
The players
Arad Holdings
The investment firm has acquired the historic American Bank Note Company Building and intends to reposition the property.
Wilmington Trust
The financial institution previously acquired the building for $20 million following foreclosure proceedings.
Winta Asset Management
The firm previously owned the property and filed for Chapter 11 bankruptcy protection in 2024.
The details
The American Bank Note Company Building is located in Manhattan's Financial District and has passed through multiple owners since the 1990s. Arad Holdings now takes control of the asset after Wilmington Trust obtained it through a credit bid during foreclosure proceedings.
Timeline
1988: The property sold to the Bank of Tokyo.
2010: A Chinese investment group acquired the property.
2016: The building was listed for sale at $88 million.
2024: Winta Asset Management filed for Chapter 11 bankruptcy.
2025: Wilmington Trust acquired the building for $20 million.
Culture Shift
This sale follows the pattern set by the Manhattan commercial real estate foreclosure cycle of the mid-2020s. The transaction reflects a broader trend of institutional lenders offloading distressed office and mixed-use assets at significant discounts from their peak valuations.
The new ownership may lead to changes in the building's current commercial and residential tenant profile as the property undergoes repositioning. Local businesses in the Financial District should monitor the site for upcoming renovation activity that could affect street-level access.
The takeaway
Large commercial properties in historic districts often face long-term cycles of debt and foreclosure before stabilization. Investors should be aware that high initial asking prices do not always reflect current market valuations in volatile urban sectors.
Further reading
For additional context on local property trends, visit the New York City Commercial section.
Source note: This article includes information reported by Commercial Observer.
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