Chinese company partners with Madison Equities to build 45 Broad condo

Gemdale Properties will serve as both investor and developer

TRD New York /
Jun.June 20, 2016 12:00 PM

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


Related Articles

arrow_forward_ios
Bob Gladstone and 212 Fifth Avenue (Credit: Gladstone by Craig Barritt/Getty Images for Haute Residence; Google Maps)

Investors reach settlement with Bob Gladstone over $1M mismanagement allegations at 212 Fifth

Investors reach settlement with Bob Gladstone over $1M mismanagement allegations at 212 Fifth
45 Broad Street and Madison Equities CEO Robert Gladstone (Credit: Getty Images)

Bob Gladstone, Gemdale put FiDi supertall on hold

Bob Gladstone, Gemdale put FiDi supertall on hold
Robert Gladstone with renderings of 520 Fifth Avenue (Credit: Getty Images and CityRealty)

Bob Gladstone fights Mack Real Estate to keep a piece of beleaguered 520 Fifth site

Bob Gladstone fights Mack Real Estate to keep a piece of beleaguered 520 Fifth site
Ceruzzi looks to bring Madison Equities in on 520 Fifth condo project

Ceruzzi looks to bring Madison Equities in on 520 Fifth condo project

Ceruzzi looks to bring Madison Equities in on 520 Fifth condo project
Gladstone, Heiberger settle $100M libel suit

Gladstone, Heiberger settle $100M libel suit

Gladstone, Heiberger settle $100M libel suit
Gladstone suit against Maloney tossed by Manhattan judge

Gladstone suit against Maloney tossed by Manhattan judge

Gladstone suit against Maloney tossed by Manhattan judge
(Credit: back photo, City Realty; front TRD)

Guess how much Robert Gladstone’s Crown penthouse is going for now?

Guess how much Robert Gladstone’s Crown penthouse is going for now?
Robert Gladstone CEO of Madison Equities, front; urbanist Jane Jacobs, back (Front photo by Studio Scrivo; back photo: New York World-Telegram and the Sun Newspaper Photograph Collection, Library of Congress)

Madison Equities proposes demolition of Jane Jacobs’ West Village Houses

Madison Equities proposes demolition of Jane Jacobs’ West Village Houses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...