Steakhouse Purchases Its Longtime Lower Manhattan Home

Albert Allaham, owner of Lower Manhattan’s Reserve Cut steakhouse, along with Manhattan-based Midtown Equities has purchased its longtime home at 40 Broad Street under the entity AL 40 Broad Realty. The acquisition of the trio of condominium units totaling 38,430 square feet according to city records sold for $18 million dollars by Zev Marmurstein, reports indicating that the deal “means an expansion is on the horizon.” Webster Bank originated a $11.7 million loan to finance the transaction. The 200-seat steakhouse, which opened in 2013 and has become one of the largest kosher steakhouses in Manhattan, is located at the base of the Setai, a 31-story, mixed-use condominium with 156 residential units.

Source:    https://www.crainsnewyork.com/real-estate/reserve-cut-buys-40-broad-st-home-18-million