PEEBLES CORP. BUYS COURTHOUSE BUILDING IN NYC FOR $160M

NEW YORK CITY — The Peebles Corp. has purchased 346 Broadway in Manhattan, a building that had been serving primarily as a courthouse, for $160 million and plans to spend more to convert the property into a five-star hotel and condominiums. Peebles purchased the property, in conjunction with the Elad Group, from the city of New York. The pair is investing $100 million, roughly one quarter of the $400 million that will be spent on the restoration, according to The Real Deal. Goldman Sachs also provided an acquisition and pre-development loan of an undisclosed amount. The remainder of funds is from other debt. Located in Tribeca section of Manhattan, 346 Broadway was designed by McKim, Mead & White as the headquarters of the New York Life Insurance Co. in 1898. It currently houses the city’s Criminal Summons Court and part of its Probations Department. Howard Michaels, chairman of the Carlton Group, represented the buyers.