45 Broad to Get 65-Story Condo Tower
A development site at 45 Broad St in the Financial District is slated to have a 65-story condo tower, thanks to a $86M deal that closed Friday, which’ll give Madison Equities and the Pizzarotti Group title for the site, along with minority investor AMS Acquisitions. Swig Equities picked up an office building that had been on the site for $29M in 2006 and had planned to build a hotel/condo project there before the last recession hit.
The land buy was made possible by a $75M acquisition loan from Mack Real Estate Credit Strategies that was brokered by a JLL team led by Dustin Stolly and Jonathan Schwartz. Figures aren’t out yet for a total size or number of units for the project. It’s on track to be finished in 2019. Pictured: Richard Mack. [TRD]
