Former American Stock Exchange Trades for $155M
Yucaipa Companies has purchased the former American Stock Exchange building located at 86 Trinity Place. The 176,000-square-foot registered national historic landmark traded for $155 million, or roughly $881 per square foot, with acquisition financing of $97.1 million provided by iBorrow. Sellers Clarion Partners and minority partner GHC Development had planned to invest $65 million to reposition the building into a mix of hotel and retail use, however, redevelopment plans never moved forward. Clarion had acquired the majority 70% stake in 2015 for $105 million, or about $852 per square foot.