NEW YORK | 45 Broad St | FT | 52 FLOORS | ON HOLD - Page 36

NYguy · #**701** Posted **Mar 2, 2023, 3:56 AM**

Quote:

Originally Posted by Busy Bee

Well shit.

That's just about the worst news you could get about this project short of nothing being built at all. The beautiful design we've been keeping hope alive for is kaput.

Yeah, I blame you for this.

https://gemdaleusa.com/projects/45-broad/

45 Broad

Quote:

A luxury residential rental project, located in the heart of the Financial District in Manhattan. 45 Broad is comprised of 302 rental units several hundred feet south of the New York Stock Exchange.

FiDi features harbor views, stunning historic architecture, shopping, museums, parks and transportation hubs, and a vibrant lifestyle, making it one of the best places to live in NYC. All major subway lines converge in the Financial District making it the most convenient part of Manhattan for transportation.

STATUS:

Pre Development

ARCHITECT:

Handel Architects

NYguy · #**702** Posted **Mar 2, 2023, 4:07 AM**

A little more from the article...

https://commercialobserver.com/2023/...ison-equities/

Quote:

Gemdale bought an easement on the property for $570,000 in March 2022 from Madison — which purchased the site for $86 million in 2015 — and filed plans with the New York City Department of Buildings in October. Gemdale amended plans last week, calling for 150 units total, according to property records. That’s one-third less than the 226 units Madison wanted.

Quote:

Madison had at least $168 million in financing for the project, which it accumulated from Shanghai Commercial Bank over the course of 2019 and 2020.

Over that period, Gladstone put in work on the foundations of the residential tower by driving 470 steel piles into the ground to reach the bedrock 45 feet below the surface. The ground floor would have been only 9,000 square feet, Gladstone told Commercial Observer in 2019.

This meant that Madison was pouring money into the ground that it would have preferred to be spending in the sky, according to Gladstone, but the thoroughly secured building meant the elevators would operate more efficiently.

It also ensured floor plans that would price each unit between $2 million to $3 million.

But as the pandemic wore on, Madison quietly hit the brakes on the project, and it’s unclear why.

Busy Bee · #**703** Posted **Mar 2, 2023, 4:24 AM**

Painful.

citybooster · #**704** Posted **Mar 2, 2023, 5:04 AM**

A true bummer. Going from an icon to typical glassy nondescript. Really hopes this fails and someone else can develop a much more fitting tower even if it takes a few years. Because you can't just go from spectacular to mediocre in this prime location. Eventually someone will build something big here. Hope not this.

SkyHigher · #**705** Posted **Mar 2, 2023, 12:00 PM**

still the same height? lets hope not. bummer either way.

DCReid · #**706** Posted **Mar 2, 2023, 3:02 PM**

Quote:

Originally Posted by SkyHigher

still the same height? lets hope not. bummer either way.

At 52 stories per the article's drawing, unlikely. It probably won't be taller than 600-700 feet. Bland filler for lower Manhattan.

chris08876 · #**707** Posted **Mar 2, 2023, 4:34 PM**

I mean its something but this is painful. Probably right next to the Verre height reduction moment.

Busy Bee · #**708** Posted **Mar 2, 2023, 5:02 PM**

Verre's height reduction was appropriate (in terms of zoning) in my opinion, but I realize why that's contentious.

This is a tragedy. A soaring icon has been replaced by a dull stumpy box. It almost feels like a mean joke. Handel does decent work - with affordable housing in the Bronx. This site deserved something stunning and this is not it.

BK1985 · #**709** Posted **Mar 2, 2023, 5:29 PM**

Yikes, this is awful.

Zapatan · #**710** Posted **Mar 2, 2023, 5:29 PM**

I thought this wasn't happening at all so I guess it's better than nothing. Lame design though.

Quote:

Originally Posted by DCReid

At 52 stories per the article's drawing, unlikely. It probably won't be taller than 600-700 feet. Bland filler for lower Manhattan.

If the ceiling heights are the same as the original it would be about 780 feet with 52 floors.

chris08876 · #**711** Posted **Mar 2, 2023, 7:44 PM**

Quote:

Originally Posted by Busy Bee

Verre's height reduction was appropriate (in terms of zoning) in my opinion, but I realize why that's contentious.

This is a tragedy. A soaring icon has been replaced by a dull stumpy box. It almost feels like a mean joke. Handel does decent work - with affordable housing in the Bronx. This site deserved something stunning and this is not it.

I was hoping that they would of waited a little. I mean just so the risk for the ultra luxury aspect was lower. Not that its bad, because I think it they built it and marketed it, it would sell. Maybe not immediately or in a time frame such as 220 CPS, or even the Central Park Tower but enough to make it successful.

Which I can get, from a risk mitigation standpoint, to wait, and even though the property is sitting there, racking up fees, 45 Broad in its past form would of been a wild success, even if the Wall Street area (surprisingly, I know, right?) isn't the magnet compared to Midtown East or along Central Park.

This is not using the parcel to its full extent. Shame, and I think in a few years time, will be seen as a massive underutilization of what could of been.

Quote:

Originally Posted by DCReid

At 52 stories per the article's drawing, unlikely. It probably won't be taller than 600-700 feet. Bland filler for lower Manhattan.

I was kind of afraid this would be labeled a filler, but unfortunately, the path it will take. This was one design that could of been the next Brooklyn Tower in terms of architectural "wow" factor.

But in the end, finance and risk talk. Had Covid not hit, we would of seen 45 Broad in its true form. I mean shit happens but damn, this is a bummer.

DCReid · #**712** Posted **Mar 2, 2023, 8:48 PM**

Quote:

Originally Posted by Zapatan

I thought this wasn't happening at all so I guess it's better than nothing. Lame design though.

If the ceiling heights are the same as the original it would be about 780 feet with 52 floors.

The article says that it is now rental instead of condos that were originally planned. I would guess that they would have lower ceiling heights for rentals to reduce construction costs and recoup their expenses more quickly.

jackster99 · #**713** Posted **Mar 2, 2023, 10:51 PM**

Yah obviously disappointing, but I'd definitely prefer this over an empty lot.

Also, not that surprising, considering the downtown market hasn't been that successful for sales. If ever there was going to be an extreme case of cost cutting on a project, I can see why this was it.

If this had been a billionaire's row proposal on the other hand, it would have been much more shocking.

Busy Bee · #**714** Posted **Mar 3, 2023, 3:04 PM**

I've always wondered if there is like a week or month of mourning when an architecture firm gets the news that a client is cancelling their design. As a creative myself I would imagine its traumatic to see a vision with years of investment go poof.

It of course is also the public's loss.

colemonkee · #**715** Posted **Mar 3, 2023, 3:23 PM**

If we didn't have the original Cetra-Ruddy design, we would all be praising this design. It's not bad in a vacuum. But in the context of what was originally proposed, definitely a disappointment.

Hudson11 · #**716** Posted **Mar 3, 2023, 9:16 PM**

Quote:

Originally Posted by Paris1789

I’d rather have this than an empty lot.

Does anyone know how tall Rudin’s adjacent building is?

402 feet. Worth noting that 55 Broad Street will be undergoing a conversion to residential, so this may be a race to see who can provide units first. Not ideal for 45 Broad Street, which is new construction. And construction logistics will be a total nightmare.

BuildThemTaller · #**717** Posted **Mar 3, 2023, 10:32 PM**

Quote:

Originally Posted by Busy Bee

I've always wondered if there is like a week or month of mourning when an architecture firm gets the news that a client is cancelling their design. As a creative myself I would imagine its traumatic to see a vision with years of investment go poof.

It of course is also the public's loss.

Probably depends on whether the payment was processed.

Busy Bee · #**718** Posted **Mar 3, 2023, 10:45 PM**

^^^Plus who in the firm you're talking about - the artists or the accountants.

NOPA · #**719** Posted **Mar 5, 2023, 1:55 PM**

Wow major let down (and major cost cutting). I get it, the downtown market is pretty weak (at least 3 topped out towers on hold).

This would be fine for Midtown or Midtown South, but huge letdown for the location. Anyway, do we know if they are maximizing build out/FAR or are they leaving any development rights in the table. Seems like 700ft is pretty short for the location.

Nyc1986 · #**720** Posted **Mar 5, 2023, 7:21 PM**

Quote:

Originally Posted by NOPA

Wow major let down (and major cost cutting). I get it, the downtown market is pretty weak (at least 3 topped out towers on hold).

This would be fine for Midtown or Midtown South, but huge letdown for the location. Anyway, do we know if they are maximizing build out/FAR or are they leaving any development rights in the table. Seems like 700ft is pretty short for the location.

It seems like ultra luxurious residential towers have no place in FIDI. If this project had been in midtown it would have definitely gotten built.