The latest plan for the vacant lot at 45 Broad Street (between Exchange Place and Beaver Street) is a 65-story condo tower. Robert Gladstone's Madison Equities and the Italy-based Pizzarotti Group are developing the site, The Real Deal reported. They closed on it on Friday for $86 million and have secured a $75 million acquisition loan. The tower could encompass a 290,000 square feet, though the number of units it would have is unclear right now.
This isn't the first plan for the site: Kent Swig picked it up for $29 million in 2006 with plans for a mixed hotel-residential building, but had to give it up in 2008. In 2012, LCOR picked it up for $14 million only to put it back on the market. According to TRD, the buyers have tapped Cetra/Ruddy to design the building, which would be completed in 2019 if all goes well.
· Madison Equities, partners plan 65-story condo at 45 Broad [TRD]
· Ch-Ch-Ch Changes [Curbed]
· All 45 Broad Street coverage [Curbed]