The Daily Dirt: FiDi luxury condo tower project is delayed

An analysis of New York's top real estate news

TRD NEW YORK /
Jan.January 24, 2020 01:50 PM
45 Broad Street and Madison Equities CEO Robert Gladstone (Credit: Getty Images)

45 Broad Street and Madison Equities CEO Robert Gladstone (Credit: Getty Images)

Developers of this Lower Manhattan tower are blaming the sluggish market for their decision to delay their project.

Gemdale Properties and Madison Equities “broke ground” on 45 Broad Street in 2017. Little progress has been made since on the 1,115-foot tower planned for the site. The development team — which for some reason no longer includes Pizzarotti — acknowledged Thursday that they plan to hold off on the project. They also indicated that 80 feet will be taken off the tower’s originally planned height to meet Federal Aviation Administration requirements.

“45 Broad Street remains a top priority for the development team, and we have strong long-term confidence in the project’s viability,” a spokesperson for Madison and Gemdale said. “Due to short-term conditions in the Lower Manhattan market, we have decided to delay on constructing the building in the near future.”

The reference was perhaps to FiDi sales at the end of 2019, which plunged nearly 45 percent quarter over quarter, according to a market report from Platinum Properties. There were 26 deals in the final quarter, the report showed, compared with 47 the previous quarter and 32 in the same period one year ago. Also, Manhattan is dealing with an oversupply of luxury inventory.

Pizzarotti hasn’t returned requests for information on why it’s no longer a part of the development. A few blocks away from 45 Broad, the construction company is locked in a legal dispute with the developer of 161 Maiden Lane, another luxury condo tower.

The murder of a real estate agent in Minneapolis highlights the dangers brokers face.

On New Year’s Eve, Monique Baugh, a 28-year-old broker and mother of two, was fatally shot after agreeing to meet her attacker — whom she did not know — for a home showing, according to officials. In the weeks following her death, brokerages have been mulling ways to increase agent safety.

Modern Spaces CEO and founder Eric Benaim says his firm is thinking about installing Google Nest cameras in its development projects, Erin Hudson reports. Douglas Elliman has a no-questions-asked buddy system.

Compass’ McKenzie Ryan says she’s careful about what information she discloses on Instagram. She doesn’t tag close friends or family, list contact information on her profile or reveal her location in real time.

“I don’t want to be the grim reaper here, but you’re asking for it by constantly sharing where you are,” she said. “I think that, in and of itself, is pretty dangerous.”

What we’re thinking about: What will happen to Fairway Market? Send a note to [email protected].

CLOSING TIME

Residential: The priciest residential closing recorded Thursday was for a townhouse at 57 Willow Street in Brooklyn Heights, at $10.8 million.

Commercial: The most expensive commercial closing of the day was for an industrial building at 18-51 Flushing Avenue in Ridgewood, at $37.6 million.

BREAKING GROUND

The largest new building filing of the day was for a 92,837-square-foot, mixed-use building at 134-11 221st Street in Laurelton. Myron Berman filed the permit application.

NEW TO THE MARKET

The priciest residential closing of the day was for a townhouse at 73 Perry Street in the West Village, at $12 million. Compass’ Lise Lebeuf has the listing.

— Research by Mary Diduch

A thing we’ve learned…

Air rights play a pivotal role in the 2010 film “Burlesque,” which stars Cher and Christina Aguilera. In fact, Aguilera’s character gets an important lesson in how such rights work, while also learning some hard lessons about love. Anyway, according to Wikipedia, a luxury condo developer actually plays something of a hero in the movie. Thank you to Alexis Manrodt for providing this fun fact.

Elsewhere in New York

— Andy Byford, a.k.a. “Train Daddy,” is calling it quits, the New York Times reports. The president of NYC Transit has been thinking of leaving for months and was apparently put over the edge when his duties were scaled back as part of a reorganization. He and Gov. Andrew Cuomo didn’t get along.

— In other important MTA news, six subway stations will sell Star Trek: Picard–themed MetroCards over the next three weeks, Gothamist reports. Yes, I know, this is an advertisement. But it’s a good one.

— Last month, Cuomo vetoed a bill that would’ve legalized e-scooters and e-bikes. But in his 2021 budget proposal, he made a similar proposal! According to the New York Post, the governor’s pitch included a helmet mandate for riders under age 18.


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