NEW YORK | 45 Broad St | FT | 52 FLOORS | ON HOLD

[chris08876]

^^^^

CTBUH still lists it as on-hold.

[Zapatan]

Originally Posted by chris08876

^^^^

CTBUH still lists it as on-hold.

CTBUH isn't always right, if he read recently that it was cancelled I wouldn't doubt that for a second the way things are going.

Hope it's not the case *fingers crossed*

I read in either the NY Times or WSJ that this project has been canceled. Can anyone confirm?

When did you read this?

[NYguy]

Originally Posted by DCReid

I read in either the NY Times or WSJ that this project has been canceled. Can anyone confirm?

You should confirm it where you saw it.

[DCReid]

Originally Posted by NYguy

You should confirm it where you saw it.

I can't find the article now. It showed sales in NYC and suburbs, and talked about planned starts being postponed or cancelled. It said the developer of 45 Broad Street had canceled the condo because of the extreme weakness of the financial district.

[NYguy]

Originally Posted by DCReid

I can't find the article now. It showed sales in NYC and suburbs, and talked about planned starts being postponed or cancelled. It said the developer of 45 Broad Street had canceled the condo because of the extreme weakness of the financial district.

If you saw it, it's out there. Nobody here has any inside info.

[chris08876]

I recall reading something a year ago that due to financial uncertainty, it was being postponed until further notice. They still have the update site available, although it hasn't seen action since December 2019.

If you find the article, note the date on it. If its recent, than that sucks, but if before 2020 or early 2020, might signify postponement or long term waiting until the condo market strengthens.

[nyc_alex]

Probably this article:
https://www.nytimes.com/2020/12/25/r...te-market.html

Some developers seem almost relieved to be on the sidelines. “We will live to fight another day, and there is nothing unheroic or discourteous in that,” said Robert Gladstone, the owner of Madison Equities, which has shelved plans for 45 Broad Street, a 226-unit tower on an $86 million site in the financial district, a neighborhood dotted with half-built towers.

“Prices were being cut across downtown,” Mr. Gladstone said, “and the market was just inundated.” The high price of materials like steel, which has seen production slashed, he said, was also a hurdle.

Shelved is sort of ambiguous. To me that sounds like on hold.

[chris08876]

The parcel hasn't been sold or not on the market, so I'd imagine its still on hold. Waiting until market conditions are optimal.

[toddguy]

Originally Posted by nyc_alex

Probably this article:
https://www.nytimes.com/2020/12/25/r...te-market.html



Shelved is sort of ambiguous. To me that sounds like on hold.

I agree. Shelved is different than "dropped" or "cancelled".

[mrnyc]

im gonna say its closer to dropped de facto. however, you dont throw that kind of money around for property and do nothing with it, so something will get built there. something very substantial.

[NYguy]

Originally Posted by nyc_alex

Probably this article:
https://www.nytimes.com/2020/12/25/r...te-market.html



Shelved is sort of ambiguous. To me that sounds like on hold.

It's been shelved for a while. Not the same as canceled. But that article is from December. I don't know if that's what he was talking about.

[DCReid]

Originally Posted by NYguy

It's been shelved for a while. Not the same as canceled. But that article is from December. I don't know if that's what he was talking about.

That's it. Did not realize it was from Dec as I saw it a few days ago. I think the condo also got a height reduction because of the FAA to around 1100 ft.

[Zapatan]

That's it. Did not realize it was from Dec as I saw it a few days ago. I think the condo also got a height reduction because of the FAA to around 1100 ft.

Shelved is much better than cancelled. And yes, it's no longer 1200, I remember reading 1035' with a parapet (which would put it at the original 1115 figure).

[NYguy]

Originally Posted by NYguy

Noticed changes in the Schedule A, now we know why...


https://therealdeal.com/2020/01/23/b...rtall-on-hold/

From an earlier post...

A spokesperson for the developer confirmed that the condominium project is being put on hold due to “market conditions.” It’s not clear when the development team — which no longer includes Pizzarotti — will revive the project. When they do, the tower will be 80 feet shorter than the 1,115-foot-tall project initially pitched to meet Federal Aviation Administration requirements, according to Department of Building filings.

“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.”

[chris08876]

I'm strongly inclined to believe the notion that this is on-hold, and not canceled. Those two are very different things.

The property or opportunity is too valuable to sell. Unless the developer was bleeding capital, in which we would see this parcel go on the market or sell the plans to another developer/the land.

But they are holding on to it for the long term. We've seen the success of 220 Central, and this in terms of ROI shows a lot of promise once the condo market is stronger, and not as soft with respect to Lower Manhattan.

[DCReid]

"We've seen the success of 220 Central," There are two Central Park South condos that seem so much more successful than most other condos in Manhattan. I wonder what is the secret?

[chris08876]

A lot of the uber luxury towers have been wildly successful. I expect this one to be the same once that niche market is strong.

Its proximity to Wall Street is a plus.

220, CPT, even some towers downtown like 111 Murry and 99 Church demonstrates what happens when the market is strong. They sell out or sell to the point that most of the tower is on a contract.

And that's what this developer is waiting for. They don't want to risk sitting on units not sold. Even if it was built today, they don't want it to potentially take 3 years to sell out.

[NYguy]

I believe this one was being marketed asore of an affordable condo building...


https://ny.curbed.com/2017/4/26/1543...aruddy-madison

At the groundbreaking event on Tuesday, the development team announced that the project would feature 206 condos that come in studio through three-bedroom variants (including penthouses). Prices will start at just under $1 million and go up to $6 million.

https://ny.curbed.com/2016/6/30/1206...g-624m-sellout

A new construction memo spotted by The Real Deal divulges new details about the Financial District's forthcoming supertall tower at 45 Broad Street. The office and condo development of Madison Equities and Pizarotti IBC is anticipating a condo sellout of $560 million, meaning the average cost of one of the 1,115-foot building's 206 apartments will be $2.7 million. The memo also states that the building will offer studio to four-bedroom apartments with units ranging in size from 601 to 3,066 square feet. The tower will allegedly target entry- to mid-level buyers with apartments that ask below $2,000 per square foot.

[chris08876]

Prices will start at just under $1 million and go up to $6 million. Hmmm... this is like section 8 housing for the rich.

Affordable. But those with money, this is a bargain.

[Zapatan]

Originally Posted by DCReid

"We've seen the success of 220 Central," There are two Central Park South condos that seem so much more successful than most other condos in Manhattan. I wonder what is the secret?

Maybe they know the views will never be blocked by other buldings like a lot of other towers near Central Park

Good location, no one can build anything between them and the park. Not sure that's the reason but perhaps part of it.