Madison Equities Under Contract to Buy 45 Broad St Site
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Madison Equities, in a JV with AMS Acquisitions, is under contract to pick up 45 Broad St. The site includes 265k SF of development rights with no height restriction. An asking price hasn’t been disclosed, but it’s expected to come in above $100M, according to NY Yimby. The site’s been on the market since at least January, with a Cushman & Wakefield team of Nat Rockett, Helen Hwang, Jared Kelso, Karen Wiedenmann and Sujohn Sarkar handling marketing. A 62-story Nubu hotel was slated to go up at the site pre-financial crisis but those plans were scrapped. No word yet on what the JV might have in mind for the site. [NYY]