From the May issue: A few months ago, a Chinese investor approached developer Robert Gladstone about getting in on his latest project — a 1,100-foot-tall skinny tower at 45 Broad Street in Lower Manhattan. When Gladstone turned him away, the investor headed to Hermès down the block and spent $75,000 to cheer himself up. At least that’s how Gladstone remembers it.
But despite the developer’s confidence — he said he didn’t need the investor, because he had enough capital to score a construction loan — industry insiders say the project is one of the trickiest in New York. That’s thanks in part to the site’s location across the street from the New York Stock Exchange, a major tourist attraction with extremely tight security.