NEW YORK | 45 Broad St | FT | 52 FLOORS | ON HOLD

[pico44]

Ok then. I guess this thing is happening. At least it doesn't appear soul-deadeningly bad like some of the stuff that has been in this neighborhood in the recent past.

[NYguy]

“Ninety percent of the apartments fall into $4 million and below pricing, with some priced below $1 million,” Mr. Gladstone said. “No one is doing that in Manhattan for new luxury development.”

Mr. Gladstone declined to disclose the price of the project and said structural costs are still being calculated. The venture plans to break ground this fall and anticipates construction to last about three years.

When it comes to the supertalls, people and the media tend to focus so much on the so called "billionaire" supertalls. While those towers may be coming to a halt, at least temporarily, the new breed of supertalls - 45 Broad, 125 Greenwich, 9 DeKalb, CityView, 277 Cherry Street - are all supertall towers that aren't catering to the ultra luxury class, with some even providing affordable housing. It's just another evolution in the rise of the city's skyline.

[tokilamockingbrd]

Originally Posted by NYguy

When it comes to the supertalls, people and the media tend to focus so much on the so called "billionaire" supertalls. While those towers may be coming to a halt, at least temporarily, the new breed of supertalls - 45 Broad, 125 Greenwich, 9 DeKalb, CityView, 277 Cherry Street - are all supertall towers that aren't catering to the ultra luxury class, with some even providing affordable housing. It's just another evolution in the rise of the city's skyline.

yep I dont think it will be economically to build 1500 footers for this market unless the state removes the residential FAR limit (which could happen by the end of summer). This would allow developers to build thicker towers taller and put more units in them which would allow them to sell the higher quantity of units at a lower price and reach this market range while building in the 450M+ range.

Developers would be able to maximize each lot. The basic premise for this is that does not cost 2X as much to build a 1500 foot 200x200 wide tower on a 220x220x lot as it does to build a 1500 foot 100x100.

[NYguy]

[hunser]

Slight height bump?

http://therealdeal.com/2016/06/29/br...idi-supertall/


Breaking down the numbers on Madison Equities’ FiDi supertall
Developers seek $287M construction loan for 84-story condo at 45 Broad

June 29, 2016 01:20PM
By Mark Maurer

The developers of the proposed supertall condominium at 45 Broad Street are projecting a sellout of $624.4 million, according to an offering memorandum for construction financing obtained by The Real Deal.

Robert Gladstone’s Madison Equities is partnering with Gemdale Properties and Investment, Impresa Pizzarotti & CSpA and AMS Acquisitions on the Financial District project. The developers are looking to break ground in September on the 84-story, 1,127-foot-tall residential-and-office condominium tower.
[...]

[chris08876]

I wonder if that figure is a AMSL reading. So structure height + above sea level or elevation of the parcel.

[NYguy]

Originally Posted by hunser

Slight height bump?

Originally Posted by chris08876

I wonder if that figure is a AMSL reading. So structure height + above sea level or elevation of the parcel.

Keep in mind that the 1,115 ft height is the DOB filing height. It could very easily (and very likely) be above that.

The developers are looking to break ground in September on the 84-story, 1,127-foot-tall residential-and-office condominium tower.

That's about the height of the John Hancock Center in Chicago (minus antenna), just to get a sense of scale in height. The design and central location is what will help this one stand out, with taller and bigger brethren being so close.

[NYguy]

http://ny.curbed.com/2016/6/30/12063...g-624m-sellout

The Average Condo at Financial District Supertall 45 Broad Street Will Ask $2.7M
A new filing indicates that the average cost of a condo in the building will be $2.7 million






BY AMEENA WALKER
JUN 30, 2016

A new construction memo spotted by The Real Deal divulges new details about the Financial District's forthcoming supertall tower at 45 Broad Street. The office and condo development of Madison Equities and Pizarotti IBC is anticipating a condo sellout of $560 million, meaning the average cost of one of the 1,115-foot building's 206 apartments will be $2.7 million. The memo also states that the building will offer studio to four-bedroom apartments with units ranging in size from 601 to 3,066 square feet. The tower will allegedly target entry- to mid-level buyers with apartments that ask below $2,000 per square foot.

Although filings with the Department of Buildings mention a much shorter rise and number of units—66 stories opposed to 86, and 150 apartments instead of 245, the memo appears to offer a different set of numbers. According to TRD, the CetraRuddy-designed tower will rise to 84 stories.

[chris08876]

Supertall at 45 Broad Street Will Come With New Subway Elevators

A planned supertall in the Financial District might actually do some good for the rest of the community as well. Developers behind the 45 Broad Street project are going to pay for the installation of two elevator entrances to the Broad Street J/Z station, YIMBY reports.

Both entrances will be located on Broad Street, one on the southwest corner, at the intersection of Exchange Place and one on the northwest corner. Though the entrances won’t be private entrances for the tenants at 45 Broad Street, Madison Equities, the developer of that project, has collaborated with the city to create the entrances.

The new entrances will be located on a rather quirky landmark known as the Street Plan of New Amsterdam and Colonial New York, and as a result the developers had to go before the Landmarks Preservation Commission to get approval. They got that this week.

Madison Equities has brought on Urbahn Architects to oversee the project, and they’ll have to work in coordination with the New York City Transit Authority, and the New York City Public Design Commission.

The CetraRuddy-designed project at 45 Broad will see the creation of 150 apartments spread out over 66 floors, and include space for offices as well. Currently the closest subway elevators to the building are located on Fulton Street, about six blocks away from this project.

==========================
NYCurbed

[NYguy]

Glad to see some local improvements come along with this tower.


http://www.nyc.gov/html/lpc/download...New%20York.pdf

[scalziand]

I'd presume that they're getting an air-rights bonus for the transit improvement.

[antinimby]

Some improvement. An ugly, bulky elevator box taking up precious sidewalk space.

[JSsocal]

^^Ugly absolutely, but in this case this is on the Broad Street pedestrian plaza, plenty of space

[toddguy]

I still cannot get with this tower and cannot get a stretched Torre Velasco in Milan out of my mind.

[gramsjdg]

Originally Posted by toddguy

I still cannot get with this tower and cannot get a stretched Torre Velasco in Milan out of my mind.

Sadly, I have to agree. The bulging midsection -despite the nice details- is putting me off this design.

[mrnyc]

Chinese developer sunk $70M into 45 Broad

Gemdale is an investor in the 206-unit FiDi condo

August 17, 2016 04:30PM
By E.B. Solomont




One of China’s largest developers apparently paid $69.9 million for a stake in Madison Equities’ 45 Broad Street condominium, according to new public records.

Gemdale Properties and Investment’s involvement in the Financial District development was first reported in June, but the value of its stake was not previously known. Public records now show it paid nearly $70 million for an 81.3 percent stake in a portion of the project controlled by Robert Gladstone’s firm.

Gladstone is developing 45 Broad in partnership with Italian real estate company Impresa Pizzarotti & CSpA and AMS Acquisitions.

The planned, 1,100-foot tower at 45 Broad will have 206 condo units, a majority of which will be priced at $4 million and below.

According to an offering memorandum for construction financing obtained by The Real Deal in June, an affiliate of Gemdale will raise up to $55 million through the EB-5 visa program at a projected rate of 5.5 percent. Gemdale also agreed to fund bridge capital up to $55 million if the EB-5 funding doesn’t come through at the time of the construction loan’s closing.

The partners are projecting a residential sellout of $560.6 million and a total profit of $137.2 million, the memo shows.

Gladstone previously said Gemdale was drawn to the pricing of the units. “We live in a global society; everything is a collaboration today,” he told the Wall Street Journal last year. “This allows [Madison Equities] to buy materials from two submarkets and take advantage of the best materials, price and delivery.”

Madison and partners paid $86 million for the site last year. The partners are seeking $75 million in financing from EB-5 investors for the CentraRuddy-designed project, which is expected to be completed in 2018.


more:

http://therealdeal.com/2016/08/17/ch...=posts_popular

[NYguy]

According to an offering memorandum for construction financing obtained by The Real Deal in June, an affiliate of Gemdale will raise up to $55 million through the EB-5 visa program at a projected rate of 5.5 percent. Gemdale also agreed to fund bridge capital up to $55 million if the EB-5 funding doesn’t come through at the time of the construction loan’s closing.

The partners are projecting a residential sellout of $560.6 million and a total profit of $137.2 million, the memo shows.

Madison and partners paid $86 million for the site last year. The partners are seeking $75 million in financing from EB-5 investors for the CentraRuddy-designed project, which is expected to be completed in 2018.

I would say 2018 is a bit optimistic, but...

[ILNY]

^ No way this will be completed in 2 years, more like 4 if they start soon.

[chris08876]

I notice developers tend to be very optimistic about timelines. If I've learned anything over the years, it's that they are usually off by 5-7 months. Not as bad as Miami though when it comes to the optimism. That in itself is a different story. But at least with NYC, they will most of the time become a reality. Even projects that have been stalled for years, spring back to life. But in terms of financing news, this is nice. Also good that EB-5 and Chinese capital is funding it. In other words, it's good to go.

They could technically build this in 2 years. Lets say it starts this fall or Q4 of 2016. Given a 2018 completion date, let's assume wither Q3 of Q4, it's very possible that it may.

I do wonder if this started in the fall, would this finish faster than 125 Greenwich? I think so. That project is crawling. Shvo is terrible that's why. He is not Stern or Barnett. Shvo just has better looking hair, but hair does not matter, supertalls do!

[NYguy]

http://www.mingtiandi.com/real-estat...condo-project/

GEMDALE INVESTS $70 MIL IN NYC CONDO TOWER FOR 4TH US DEAL IN 12 MONTHS

Chinese real estate developer Gemdale Properties & Investment has made its fourth major investment in the US over the last 12 months, and its first in New York, as the Shenzhen-based firm continues to expand its North American footprint.

The state-owned developer handed over $69.9 million for a piece of 45 Broad Street, an 84-story, 1,127-foot (343 metre) supertall tower of residential and office condominiums being built by New York developer Madison Equities, according to a report in the Real Deal citing public records.