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45 Broad to return to market — and could fetch $110M
http://therealdeal.com/blog/2014/11/10/45-broad-to-return-to-market-and-could-fetch-110m/



A Lower Manhattan development parcel once owned by Kent Swig will return to the market next year and could sell for as much as $110 million, insiders said. The potential price for the vacant parcel at 45 Broad Street between Beaver Street and Exchange Place, which has 264,200 square feet of development rights, shows the enormous rise in values in the current environment compared with the prior boom. Swig’s Swig Equities purchased the office building at 45 Broad Street in June 2006 for about $29 million, with plans to build the Nobu Hotel and Residences. But the firm lost the property to lender Lehman Brothers Holdings in the wake of the financial crisis. Lehman, in turn, sold the site in 2012 to LCOR for $14 million, city records show, as part of an $800 million package. A Cushman & Wakefield investment sales team began marketing the site in January. The San Francisco-based investment and development firm Carmel Partners was close to buying it for more than $110 million, a person familiar with the process said, but instead purchased 112-118 Fulton Street from the Lightstone Group, which it was considering at the same time. A spokesperson for Carmel did not immediately respond to a request for comment. Subsequently, the property was taken off the market. The New York branch of commercial brokerage firm HFF, headed by Andrew Scandalios, now has the listing from the owners LCOR and the California pension fund CalSTRS. Insiders said HFF was not expected to launch marketing until the new year. An HFF spokesperson declined to comment.

Sources pointed to active players in the Downtown market as potential bidders, including Rudin Mangement, which owns 55 Broad Street, a large site adjacent to 45 Broad. The two sites could potentially be combined to build a 650,000-square-foot tower.

Other possible buyers include David Lichtenstein’s Lightstone Group, Michael Shvo, Michael Stern’s JDS Development Group, Fortis Property Group, Howard Hughes and Albanese, according to people familiar with the Downtown market.
 

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amen to that lower manhattan needs more supertalls to regain its 30s flair.
 
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I hope so. If 125 Greenwich winds up as tall as predicted, we're going to want a few tall developments South and East of it to balance things out. This would be a perfect candidate.

The prospects is very exciting for LOMA. Don't forget 80 South St. too!
 

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The prospects is very exciting for LOMA. Don't forget 80 South St. too!
I believe, in time, Lower Manhattan will become the nation's second largest central business district. It has already transformed itself into a 24/7 neighborhood with a diversified economy.

It brings a tear to my eye to see that Lower Manhattan has grown up from the ashes.
 

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Some current news on this project and its potential.

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Madison Equities, partners plan 65-story condo at 45 Broad :cheers:
October 23, 2015

Robert Gladstone’s Madison Equities, in partnership with the Italy-based Pizzarotti Group, is planning a 65-story condo tower on a vacant site at 45 Broad Street in the Financial District. On Friday, the buyers closed on the purchase of the land for $86 million and secured a $75 million acquisition loan, sources familiar with the transaction told The Real Deal.

The site, located between Beaver Street and Exchange Place, could hold a residential tower spanning 290,000 square feet. Mack Real Estate Credit Strategies and others provided the loan, which was brokered by a JLL team led by Dustin Stolly and Jonathan Schwartz. Midtown-based AMS Acquisitions is a minority investor in the project, while Pizzarotti is Madison’s development partner.

Cetra/Ruddy is serving as the architect, and the building is slated for completion by 2019, a spokesperson for Madison said. It’s not yet clear what the project’s exact size and number of units will be. HFF’s Andrew Scandalos began marketing the site in November on behalf of then-owners, LCOR and the California pension fund CalSTRS. TRD reported that the site was in contract in August. AMS declined to comment, while Pizzarotti could not be reached. The parcel at 45 Broad was once slated for a hotel-condo project. Kent Swig’s Swig Equities bought the office building on the site in 2006 for $29 million, with plans to construct the Nobu Hotel and Residences. Following the downturn, lender Lehman Brothers Holdings took over the site and sold it to LCOR for $14 million in 2012. Madison, in partnership with Building & Land Technology (BLT) and Joseph Sitt’s Thor Equities, is behind the condo conversion at 212 Fifth Avenue in NoMad.
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http://therealdeal.com/blog/2015/10...story-condo-at-45-broad/#sthash.t1n2SAsD.dpuf
 

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REVEALED: 45 Broad Street, Slated to Be Among the Highest Condo Buildings Downtown

REVEALED: 45 Broad Street, Slated to Be Among the Highest Condo Buildings Downtown
By Ondel Hylton
January 5, 2016
http://www.6sqft.com/revealed-45-broad-street-slated-to-be-among-the-highest-condo-buildings-downtown/

Last October, it was announced that the long-vacant lot in the heart of the Financial District at 45 Broad Street would be redeveloped into a 65-story residential skyscraper by way of a partnership between Pizzarotti IBC and Madison Equities. Now, via Pizzarotti’s project page, we have our first look at the design of the 300,000-square-foot CetraRuddy-designed tower that the development group affirms “will be the highest condo in Downtown Manhattan.” The team will have to move quickly, though; at least two condo towers are proposed to be taller including Shvo’s supertall at 125 Greenwich Street.




More info and images in the post here.
 
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