One of China’s largest developers has joined Madison Equities as an investor and developer of a planned 206-unit condominium at 45 Broad Street in the Financial District.
Gemdale Properties and Investment has partnered with Madison, as well as Italian real estate company Impresa Pizzarotti & CSpA and AMS Acquisitions, to build a 1,100-foot tower at 45 Broad Street, the Wall Street Journal reported. Gemdale will serve as both an investor and developer on the project, which is its first foray into New York.
“We live in a global society; everything is a collaboration today,” Robert Gladstone, head of Madison Equities, told the newspaper. “This allows [Madison Equities] to buy materials from two submarkets and take advantage of the best materials, price and delivery.”
Gladstone said that Gemdale was attracted to the project largely due to the pricing of the units. In light of a softening luxury market, a majority of the condos will be listed for $4 million and below, Gladstone said. The total cost of the project was not immediately clear. The developers expect to break ground later this year. The site was acquired last year for $86 million.
The Real Deal reported in February that the partners are looking to raise approximately $75 million through the EB-5 visa program. CentraRuddy is reportedly designing the project, which will also feature about 59,000 square feet in office space. [WSJ] — Kathryn Brenzel