The Real Deal New York

Gladstone’s Madison Equities in contract for 45 Broad Street

Downtown property has nearly 265,000 sf of development rights

August 03, 2015 04:21PM
By Hiten Samtani and Adam Pincus


From left: Andrew Scandalios, 45 Broad Street, rendering of 45 Broad and Robert Gladstone (credit: Richard Lewin)

UPDATED, 4:55 p.m., August 3: Robert Gladstone’s Madison Equities is in contract to purchase a Lower Manhattan development site at 45 Broad Street, which could give rise to a project of nearly 265,000 square feet, The Real Deal has learned.

When it hit the market in November, the site, located between Beaver Street and Exchange Place, was expected to fetch north of $100 million. It’s unclear what Madison is paying, however, and sources said that Madison is partnering with AMS Acquisitions, led by Avi Abadie and Michael Mitnick, on the deal.

HFF’s Andrew Scandalios, who is marketing the site on behalf of owners LCOR and the California pension fund CalSTRS, declined to comment.

Kent Swig’s Swig Equities purchased the office building at 45 Broad Street in June 2006 for about $29 million, with plans to build the Nobu Hotel and Residences. But the firm lost the property to lender Lehman Brothers Holdings in the wake of the financial crisis. Lehman, in turn, sold the site in 2012 to LCOR for $14 million.

Rudin Management owns 55 Broad Street, which is adjacent to 45 Broad. Combined, the sites could give rise to a development of 650,000 square feet.

Madison is also the developer of 212 Fifth Avenue, in partnership with Building & Land Technology (BLT) and Joseph Sitt’s Thor Equities.