Chinese Firm Joins Development Team For Lower Manhattan Supertall
Madison Equities and Impresa Pizzarotti & CSpA have brought on Gemdale Properties and Investment, a Chinese developer, as a partner on 45 Broad St, a 1,100-foot-tall mixed-use tower in Lower Manhattan’s crowded development pipeline.
The tower will have a total of 206 units and 59k SF of office space and will be Gemdale’s first NYC investment.
Madison Equities CEO Robert Gladstone tells the Wall Street Journal the partnership will help enable the project to buy construction materials cheaply, noting the building’s curtain wall will be manufactured in Europe.
Robert tells the Journal Gemdale joined the project in part because it was attracted to the relatively modest price points of its condos, which he says will fall mostly in the range below $4M.
The market for ultra-luxury condos has struggled lately.
Ground on the project is scheduled to break this fall with a roughly three-year construction timetable. [WSJ]