UPDATED, 7:40 p.m., Oct. 23: Robert Gladstone’s Madison Equities, in partnership with the Italy-based Pizzarotti Group, is planning a 65-story condo tower on a vacant site at 45 Broad Street in the Financial District.
On Friday, the buyers closed on the purchase of the land for $86 million and secured a $75 million acquisition loan, sources familiar with the transaction told The Real Deal. The site, Located Between Beaver Street and Exchange Place, could hold a residential tower spanning 290,000 square feet.
Mack Real Estate Credit Strategies and others provided the loan, which was brokered by a JLL team led by Dustin Stolly and Jonathan Schwartz.
Midtown-based AMS Acquisitions is an investor in the project, while Pizzarotti is Madison’s development partner.
Cetra/Ruddy is serving as the architect, and the building is slated for completion by 2019, a spokesperson for Madison said. It’s not yet clear what the project’s exact size and number of units will be.
HFF’s Andrew Scandalos began marketing the site in November on behalf of then-owners, LCOR and the California pension fund CalSTRS. TRD reported that the site was in contract in August.
AMS declined to comment, while Pizzarotti could not be reached.
The parcel at 45 Broad was once slated for a hotel-condo project. Kent Swig’s Swig Equities bought the office building on the site in 2006 for $29 million, with plans to construct the Nobu Hotel and Residences. Following the downturn, lender Lehman Brothers Holdings took over the site and sold it to LCOR for $14 million in 2012.
Madison, in partnership with Building & Land Technology (BLT) and Joseph Sitt’s Thor Equities, is behind the condo conversion at 212 Fifth Avenue in NoMad.