The Real Deal New York

Madison Equities secures $56M refi for FiDi supertall project

HSBC Bank is the lender on 45 Broad
By Miriam Hall | August 01, 2017 12:30PM

Renderings of 45 Broad Street and Robert Gladstone

Robert Gladstone’s Madison Equities landed $56 million in refinancing for its 84-story condominium tower at 45 Broad Street in the Financial District, according to records filed with the city Tuesday.

HSBC Bank is the lender, documents show, and the mortgage replaces a $55 million loan from Mack Real Estate Strategies.

The building at 45 Broad Street, currently under construction, is Gladstone’s most ambitious and challenging project to date. The project is being developed with Italian real estate company Pizzarotti Group and AMS Acquisitions and will feature 206 condo units, most of which will be priced at $4 million and cheaper. Last year, one of China’s largest developers — Gemdale Properties and Investment — paid $69.9 million for an 81.3 percent stake in the project.

Several New York City developers told The Real Deal earlier this year that they passed on the site because it didn’t pencil out as a condo. Gladstone and his partners had been reportedly looking for a $287 million loan for the project, but sources recently told TRD that Gladstone is waiting on a subway improvement bonus that could expand the total size of the project before seeking a senior loan.

Representatives for Madison Equities and HSBC could not be immediately reached for comment.