The Real Deal New York

Revealed: Madison Equities’ 45 Broad condo tower

Developer is raising EB-5 financing for 1,000-foot tower

February 26, 2016 12:24PM
By Katherine Clarke

Madison's Robert Gladstone and a rendering of 45 Broad Street

Madison’s Robert Gladstone and a rendering of 45 Broad Street

Madison Equities and the Pizzarotti Group’s 1,000-foot condo tower at 45 Broad Street will be a soaring golden colossus with a slim midsection and a hulking top, according to new renderings obtained by The Real Deal.

That’s according to marketing materials, including early renderings, circulated among prospective Chinese investors, who may contribute money for the tower through the EB-5 visa program. Madison is currently aiming to raise approximately $75 million through the program to finance the project, sources said.

A rendering of 45 Broad

A rendering of 45 Broad

Prices at the building, which is still in the planning stages, will be relatively conservative compared to recent new developments, with the developers aiming for average prices below $2,000 per square foot, according to the materials. The average apartment is slated to cost less than $2 million.

By contrast, the average listing price for units at Financial District building 50 West Street, developed by Time Equities, is closer to $4 million.

Neither Madison nor Pizzarotti made themselves available for comment on the plans. AMS Acquisitions, another partner in the project, declined to comment.

CetraRuddy is reportedly designing the project, which is expected to be completed in 2018. The tower is slated to have between 65 and 75 floors containing between 200 and 250 units, including a mix of studios, one-, two- and three-bedroom homes, as well as 20,000 square feet of amenity space and approximately 50,000 square feet of commercial space.

Amenities are expected to include a 60-foot indoor lap pool, a gym, a garden level in the tower’s midsection with outdoor and indoor space, a game room and media and entertainment areas.

The developers bought the 12,603-square-foot site last October for $86 million, as TRD reported. By using 11,270 square feet of air rights from an adjoining parcel and incorporating a Subway Improvement Bonus, they can up the size of the total project to 375,000 square feet. Developer Kent Swig lost the site to foreclosure in 2009.

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