A prominent Financial District condo project is on the verge of being revived after years of delays, but appears to be moving forward with a new developer.
Gemdale amended plans at 45 Broad Street for a planned 60-story residential tower, the Commercial Observer reported. The tower is slated to be similar to previous plans by Madison Equities and its CEO Robert Gladstone, who are noticeably absent from the reinvigorated project.
Gemdale, which filed plans in October, is planning a 150-unit condo project at the site. The firm Lendlease to serve as construction manager.
Madison purchased the site in 2015 for $86 million, but sold an easement on the property a year ago to Gemdale for $570,000. At the time of acquisition, Gladstone secured a $55 million mortgage from Mack Real Estate. Gemdale entered the picture one year later, purchasing an 81.3 percent stake for $69.9 million.
Madison’s website says the firm “sold its interest in the project,” which “remains on hold.” Gemdale and Madison both failed to respond to a request for comment from the outlet.
Madison eyed an 1,100-foot-tall condo tower with 226 units at the site. CentraRuddy Architects, which is no longer involved, was the designer for the project. Madison had secured $168 million in financing from Shanghai Commercial Bank between 2019 and 2020.
Madison was aiming to land between $2 million and $3 million for each unit. The ground floor was to be 9,000 square feet and offices and amenities would be on the lower floors.
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The firm started foundation work between 2019 and 2020. Only weeks before the pandemic, however, the project was suddenly put on hold due to “market conditions” and plans were made to shrink the tower.
It’s unclear if Gladstone still has any involvement in the long-awaited supertall project, for which still there’s no timeline available.
— Holden Walter-Warner