45 Broad Under Contract After Supertall Condo Plans Stalled
A Financial District development site once slated for a supertall condo tower is poised to have a new owner.
The vacant lot at 45 Broad Street directly across from the New York Stock Exchange is under contract, The Real Deal has learned. The 12,600-square-foot site, between Exchange Place and Beaver Street, was once the planned home of a luxury condo project by Madison Equities and Gemdale Properties.
The contract price and buyer are unknown, but the seller, Gemdale, was eyeing a price in the $60 million range, a source with knowledge of the deal said. BKREA’s Bob Knakal, who was marketing the property, declined to comment. Gemdale did not immediately respond to a request for comment.
In 2015, Robert Gladstone’s Madison Equities acquired the site for $86 million. In 2016, Gemdale — one of China’s largest developers — paid $69.9 million for an 81.3 percent stake in the property.
The developers initially envisioned a 1,100-foot tower with 226 condos, intending to sell units for $2 million to $3 million apiece. CentraRuddy Architects designed the project, which called for 9,000 square feet of ground-floor space, with offices and amenities on the lower floors.
At the time, it was billed as the Financial District’s tallest residential tower. The project secured $168 million in financing from Shanghai Commercial Bank between 2019 and 2020. But it was put on hold during the pandemic due to market conditions.
Madison’s website says the firm sold its interest in the project. Gemdale in 2023 filed plans for a smaller 52-story, 302-unit development, with Lendlease tapped as construction manager.
The property was being marketed as a development opportunity, and one of the last sites vested under the former 421a tax abatement. The foundation has already been built, according to the listing, and the site is permitted for residential, office, retail or hotel use.
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