45 Broad Street

Last updated

45 Broad Street
45 Broad Street
General information
StatusOn hold
TypeResidential
Location Manhattan, New York
Coordinates 40°42′20″N74°00′41″W / 40.70556°N 74.01139°W / 40.70556; -74.01139
Construction started2017
Estimated completionTBD
Technical details
Floor count52
Floor area221,000 sq ft (20,532 m2)
Design and construction
Architect(s) Handel Architects
References
[1]

45 Broad Street is a residential building being constructed in the Financial District of Manhattan in New York City. [2] The building was originally planned as Lower Manhattan's tallest residential tower. Excavation started in 2017, but as of 2020, construction is on hold.

Contents

History

Site

Swig Equities acquired the 45 Broad Street site, as well as the adjacent Broad Exchange Building, in 2006. Swig planned to demolish a preexisting building at 45 Broad Street and part of the Broad Exchange Building to transfer air rights for a proposed development. [3] Swig wished to build a Nobu Hotel for the site, which was backed by Robert De Niro. The building would have been designed by Moed de Armas and Shannon with a conventional glass curtain wall along with interiors by David Rockwell. [4] The building would have contained a 13,000 square feet (1,200 m2) retail base, 128 hotel rooms, and 77 "super-luxury" condominiums above the hotel on floors 41 through 62. [5] The planned Nobu Hotel would have been 62 stories and 709 feet (216 m) in height and was planned for completion in 2010. [6]

In January 2009, Swig defaulted on a $49.2 million mortgage from Lehman Brothers, leading to foreclosure on the property. [7] In March 2012, Lehman took control of the property for $76.79 million. [8]

In 2014, the parcel was placed on the market, and Madison Equities finalized their acquisition of the land in October of that year. [9] AMS Acquisitions is also an investor in the project, and the building will be constructed by firm Pizzarotti-IBC. [9]

Construction

Real estate site 6sqft released early renderings of the new plans for the site in January 2016. [10] After the release of the renderings, Pizzarotti-IBC Rance MacFarland confirmed that the new structure would be a supertall, residential skyscraper catering to "entry- and mid-level buyers". [2] More developed renderings were published by The Real Deal in February 2016. [11] The building was originally designed by CetraRuddy. [12] The building was to be mixed-use with 245 residences and a five-story retail base with 62,000 square feet (5,800 m2) dedicated to commercial-retail use and 93,900 square feet (8,720 m2) dedicated to a school. Amenities in the building were to include a fitness center with a pool, an outdoor garden, and several lounges. Windbreak levels were to puncture the facade on the 27th and 43rd floors, which would have 32-foot tall ceilings and terrace space. [13]

Members of the New York real estate industry have expressed doubts that Madison will recoup costs, and the company has faced difficulty receiving funding for the project. [14] These difficulties are in part due to the site's proximity to the New York Stock Exchange Building and the high-level security around that structure. [14] However, the anticipated pricing of units in the building at just under $1 million up to $4 million has attracted additional investors including Gemdale (one of China's largest developers) given the softening super-luxury market. [15] Construction work on the foundation began in April 2017, at which time the building's height was set at 1,115 feet (340 m), [14] [16] and excavation began in May 2018. [17] The building was approved for construction in December 2019. [18] However, construction was placed on hold in January 2020. [19] [20]

In March 2023, the project restarted under new developers, Madison Equities and Gemdale Properties, who hired Handel Architects to design a shorter, 52-story structure. [21] [22]

Architecture

Handel Architects' plans called for a 52-story structure with 221,000 square feet (20,500 m2) of space and 302 stories. [21] [22] Renderings of the revised plans indicate that the tower will have a metal-and-glass facade above a five-story base. The second story would contain a loggia, while the fifth-story setback would include an outdoor terrace. [21]

Subway elevators

In July 2016, it was announced that the New York City Landmarks Preservation Commission had approved the construction of two new subway elevators outside the entrance to the building, available for public use. They will connect to the existing Broad Street station of the New York City Subway's J and​ Z trains. The design of the elevators is being overseen by Urbahn Architects. [23] The plans call for two elevators, one for each platform, at the northeastern and southwestern corners of Broad Street and Exchange Place. [24] The New York City Council approved the construction of the elevators in July 2018, and granted the developers 71,391 additional square feet in zoning rights in exchange for building the elevators. [25] However, residents and tenants of 15 and 30 Broad Street opposed construction of glass-and-metal elevators, citing they posed a risk for terrorist attacks. [26]

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References

  1. ↑ "45 Broad Street". Skyscraper Center. CTBUH. Retrieved July 2, 2017.
  2. 1 2 Plitt, Amy (January 6, 2016). "Planned 1,100-Foot, 86-Story Tower Will Rise at 45 Broad St". Curbed. Retrieved July 29, 2016.
  3. ↑ Hylton, Ondel (October 20, 2015). "65-Story Condo Tower Designed by CetraRuddy to Rise in the Downtown Skyline". 6sqft. Retrieved July 22, 2020.
  4. ↑ Keil, Braden (May 8, 2008). "Just Say Nobu". New York Post.
  5. ↑ Arak, Joey (May 8, 2008). "Nobu Hotel, Like its Patrons, Will be Tall & Skinny". Curbed. Retrieved July 29, 2016.
  6. ↑ Fedak, Nikolai (January 21, 2014). "For Sale: 45 Broad Street". YIMBY. Retrieved July 29, 2016.
  7. ↑ Rubinstein, Dana (January 23, 2009). "Lehman Begins Foreclosure on Swig's 45 Broad Street". New York Observer.
  8. ↑ Clarke, Katherine (April 18, 2012). "25 Broad, 627 Greenwich both return to lenders". The Real Deal.
  9. 1 2 Wilson, Reid (October 26, 2014). "Developers Close On 45 Broad Street, Plan 65-Story Condo Tower, Financial District". YIMBY. Retrieved July 29, 2016.
  10. ↑ Hylton, Ondel (January 5, 2016). "REVEALED: 45 Broad Street, Slated to Be Among the Highest Condo Buildings Downtown". 6sqft. Retrieved July 29, 2016.
  11. ↑ Clarke, Katherine (February 26, 2016). "Revealed: Madison Equities' 45 Broad condo tower". The Real Deal. Retrieved July 29, 2016.
  12. ↑ Fedak, Nikolai (December 4, 2017). "New Renderings For Supertall 45 Broad Street As More Machinery Appears On Site". YIMBY. Retrieved December 4, 2018.
  13. ↑ Nelson, Andrew (May 9, 2018). "Excavation Begins For 45 Broad Street, Downtown's First Residential Supertall". YIMBY. Retrieved November 12, 2018.
  14. 1 2 3 Clarke, Katherine (May 1, 2017). "Robert Gladstone's risky business". The Real Deal. Retrieved May 8, 2017.
  15. ↑ Brenzel, Kathryn (June 20, 2016). "Chinese company partners with Madison Equities to build 45 Broad condo". The Real Deal. Retrieved November 10, 2018.
  16. ↑ Warerkar, Tanay (April 26, 2017). "Financial District's planned supertall at 45 Broad Street is ready to rise". Curbed NY. Retrieved June 12, 2020.
  17. ↑ Nelson, Andrew (May 9, 2018). "Excavation Begins For 45 Broad Street, Downtown's First Residential Supertall". YIMBY. Retrieved May 9, 2018.
  18. ↑ Young, Michael (December 26, 2019). "45 Broad Street Cleared for Potential Supertall Construction in Financial District". New York YIMBY. Retrieved June 12, 2020.
  19. ↑ Brenzel, Kathryn; O'Regan, Sylvia Varnham (January 23, 2020). "Madison Equities' 45 Broad Street Condo Tower in FiDi is Delayed". The Real Deal New York. Retrieved June 12, 2020.
  20. ↑ Cogley, Bridget (January 29, 2020). "Construction on CetraRuddy's supertall tower in Manhattan is postponed". Dezeen. Retrieved June 12, 2020.
  21. 1 2 3 Young, Michael (March 5, 2023). "Redesign Revealed for 45 Broad Street in Manhattan's Financial District". New York YIMBY. Retrieved May 4, 2024.
  22. 1 2 Hallum, Mark (March 1, 2023). "45 Broad Street Residential Tower May Restart With New Developer". Commercial Observer. Retrieved May 4, 2024.
  23. ↑ Warerkar, Tanay (July 28, 2016). "Supertall at 45 Broad Street will come with new subway elevators". Curbed NY. Retrieved July 28, 2016.
  24. ↑ Bindelglass, Evan (July 28, 2016). "45 Broad Street Supertall Coming with New Subway Elevators, Financial District". New York YIMBY. Retrieved July 28, 2016.
  25. ↑ Brenzel, Kathryn (July 5, 2018). "City Council approves 70K sf bonus for Madison Equities' FiDi supertall". The Real Deal. Retrieved August 15, 2018.
  26. ↑ Nir, Sarah Maslin (January 22, 2018). "In New Proposed Subway Elevators, Some See a Terrorism Risk". The New York Times. ISSN   0362-4331 . Retrieved January 23, 2018.
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