[NYguy]

Wish we had better renders for this project...











I hadn't realized there was a small office component to this development as well...



http://www.gemdaleusa.com/news/45-broad/

Madison Equities, Impresa Pizzarotti & C. SpA (“Pizzarotti”) and Gemdale Properties and Investments Corporation Limited (“Gemdale PI”, 535.HK), an affiliate of Gemdale Corporation (600383.SH) which is one of China’s largest and leading real estate developers, announced today their formation of a joint venture to co-develop 45 Broad Street, a mixed-use project comprised of 206 residential condo units as well as 59,000 square feet of boutique office space in Lower Manhattan, several hundred feet south of the New York Stock Exchange on the corner of Wall Street and Broad Street. The office component of the project will benefit from the lack of new boutique office space in Lower Manhattan’s Financial District, with virtually no new boutique office space having been developed over the past 30 years.

The residential portion of the building starts at approximately 250 feet and will include panoramic water and area landmark views. The project will be an architecturally iconic symbol rising in Lower Manhattan, designed by leading architectural firm CetraRuddy.

The project’s residential condominium units will be attractively priced to capture demand in the affordable luxury segment of the marketplace, an undersupplied market segment in Manhattan. The project will be highly amenitized throughout, including state-of-the-art appliances, engineered wood floors, marble and ceramic stone, a 75-foot indoor lap pool with a double height ceiling, bike storage, residential storage, state-of-the art gym and fitness facilities, ground floor garden, a 9th floor sky garden with indoor and outdoor spaces, a game room, separate children and teen playrooms, and a media and entertainment area. The project will also contain a distinctive open air, landscaped residential amenity space on the 38th floor at an elevation of approximately 500 feet, which will serve as an additive element within Lower Manhattan given its visibility from the area’s street levels.

Pizzarotti-IBC, an affiliate of Impresa Pizzarotti will serve as the project’s General Contractor.

According to Robert Gladstone, Chief Executive of Madison Equities, “We are delighted to be an integral part of the further positive transformation of New York City’s Financial District into an increasingly vibrant community.”

According to Jason Zhu, Chairman of Gemdale USA, “This distinctive 45 Broad Street project, with its panoramic views, benefits from over $30 billion of infrastructure and related improvements in the surrounding neighborhood, as well as surging residential and commercial activity. Lower Manhattan contains a considerable number of historical landmarks and draws millions of tourists annually. Traditionally, it has served as the center of trade and finance for the United States. The neighborhood includes within a short walking distance, Stuyvesant High School, one of New York City’s leading public schools, as well as Leman Manhattan, a private preparatory school next door to the project.”

Giorgio Cassina, Managing Director of Pizzarotti added, “Pizzarotti’s real estate experience in markets such as Italy, France and the Principality of Monaco, together with more than a century of experience in construction in numerous countries, is of great value to our partners. Working with Madison Equities and Gemdale PI on such a unique project in New York is a wonderful new opportunity to bring all of our international expertise to this development. Serving as a co-developer and builder of such an iconic project will highlight the qualities that our vast experience in special projects in residential, healthcare, hotel and other developments have provided us.”

An increasing number of media and related employers are relocating to the neighborhood, including Time Inc., Condé Nast, Harper Collins, Droga5, Group M and MediaMath. In terms of infrastructure improvements, over the past decade, billions of dollars have been poured into the area’s transportation and infrastructure, making Lower Manhattan one of the most technologically-advanced areas of New York City. The residential population of Lower Manhattan has tripled over the past 10 years, to over 65,000 currently. Additionally, the technology sector is also becoming increasingly important, with the high-tech NYSIA Incubator located at 55 Broad Street, next door to the project.

According to Michael Krupa, President of Gemdale USA, “We are delighted to work with leading New York City based developer, Madison Equities, with a 50-year history of developing exceptional projects throughout New York City along with our partner Pizzarotti, one of the leading construction companies in Italy, with over 100 years of experience. Moreover, we are delighted and honored to participate in helping further transform the fabric of Lower Manhattan.”

Also hadn't realized there was a fight over the subway entrances...


http://www.ebroadsheet.com/developer...way-elevators/

City Landmarks Agency Ignores CB1 Request to Veto Structures That Will Mar View Corridors in Historic District








August 4, 2016
By Matthew Fenton

The City’s Landmarks Preservation Commission (LPC) has approved the request by a real estate developer to build two futuristic-looking subway elevator sheds in the middle of a Lower Manhattan historic district, in exchange for which a new skyscraper planned for nearby will be allowed to build 70,000 extra square feet of interior space. This decision overrules a resolution by Community Board 1 (CB1), which urged the LPC to deny the developer’s proposal.

The new tower, which is expected to break ground shortly, will be located at 45 Broad Street, between Beaver Street and Exchange Place. The new subway entrances will be a block away, on Broad Street at Exchange Place.

As Bruce Ehrmann, co-chair of CB1’s Landmarks Committee, explained at the July 26 meeting of the board, the plan by 45 Broad Street developer (a three-way partnership between Madison Equities, Pizzarotti-IBC, and AMS Acquisitions), “involves putting in accessibility on a subway station.”

Mr. Ehrmann continued that CB1’s disapproval of this plan, “might sound cruel on the face of it, but really, the developer just asked, ‘well, we want 70,000 square feet of extra” space in the building, “so what we can do that might let you consider that?” Mr. Ehrmann continued that the developers came up with their own answer: “put in an elevator on Broad Street at Exchange Place.”

CB1 opposed the idea, Mr. Ehrmann explained, because, “that this is the only landmark-designated street grid itself in New York City, which has already been very botched by probably necessary post-9/11 security measures, many of which don’t work anymore, such as bollards that don’t rise and fall.”

Mr. Ehrmann was referring to the Street Plan of New Amsterdam and Colonial New York, a triangle formed roughly by Broadway, Wall Street, and Pearl Street, in which the streets themselves (and in particular, their irregular layout) are considered historic — and legally protected — relics.

The developers of 45 Broad proposed a pair of glass cube structures to house these elevators, both 13 feet tall and 10 feet long on each side. CB1 also noted that the proposed elevators would be one stop away from existing elevators that provide handicapped access to the same subway lines (the J and Z trains). CB1’s resolution on this application additionally observed that “any 13 foot tall structures anywhere along Broad Street would destroy the historic view corridors” and that the structures would leave only a narrow sidewalk passage, approximately ten feet wide, between the glass cubes and the adjacent buildings.

Meeting at the end of July, the LPC voted unanimously (and with no public testimony) to approve the plan, under which two structures of 100 square feet each will win for the developer the right to create 70,000 of additional interior space within the new condominium tower, which is slated to rise to rise as high as 1,115 feet.

According to the Corcoran Report, which tracks sale prices for Manhattan properties, the average per-square-foot price for condominiums in the Financial District was $1,364 during the first quarter of 2016. This means that the additional square footage the developer will now be allowed to construct (in exchange for a total of 200 square feet of public amenity space) may be worth as much as $95 million. This figure (which was obtained by multiplying $1,364 by 70,000 square feet) assumes that condominium prices in Lower Manhattan hold steady through the projected 2018 opening of the tower at 45 Broad Street. If these prices continue to rise (as they have done relentlessly in recent years), the total value of the additional square footage may increase further, and top $100 million.

While there is no universally accepted formula for determining the cost of creating new subway elevators, at a public meeting last September, Andrew Inglesby, the assistant director of government and community relations at the Metropolitan Transportation Authority (which oversees the subway system) estimated the cost of installing such an accommodation at $5 million. This appears to indicate that the developers of 45 Broad Street will realize a return on their investment of approximately nearly $10 dollars in profit for each dollar spent.