NIce work, K-Man!
when should we expect this one to start rising?
At least a few months at least I’d say! They still have a while with foundation work I think
Great to see you around again tokila!
Nice work, Tom!
Nice shot, JC
If I remember correctly, some neighborhood NIMBYs tried to stop the extra FAR approval by arguing that a handicap entrance to the subway would be a terrorism risk.
I recently looked up 45 Broad on the DOB system and saw a stop work order. It turns out one of the excavators hit an adjacent building, causing a piece of concrete to fall on a person eating in a neighboring restaurant. There was no activity on the site for several days, although construction has since resumed. Does anyone have information on the developers and their track records - Madison, Gemdale, Pizzarotti? The site is about a third of an acre and is very challenging to work in. I hope they are up to the task.
It seems like they’ve had a bunch of complains, and they haven’t even taken thier trousers off yet. I’d imagine given the area, more complaints will follow once this rises.
Here’s the full complains list as of 7-6-18.
Thanks for including these screenshots. The pedestrian injury appears to be the most serious incident to date, although I do not know the full details of the injuries to workers that have occurred. The architectural renderings of 45 Broad by CetraRuddy are impressive IMO. But no further information has been released for some time. The group of developers financing the project includes some not-so-well-known names including a Chinese conglomerate, Gemdale, that has no prior construction experience in NYC. Taking into account the somewhat murky group of developers involved, the incidents that have occurred to date, the extraordinarily difficult working conditions at the site, and the fact that some industry insiders don’t expect the developers to break even, I begin to question the future of this project.
Let me guess, Anakinra, you’re one of the neighborhood NIMBYs complaining about the project?
Madison Equities is one of the largest developers in NYC, with tons of highrise experience. The project already has a full construction loan. There has been tons of public disclosure, including new articles, released renderings and regular press releases. Foreign money is standard practice in major mixed use projects in global cities. I doubt you could find a major Manhattan project in the last decade that doesn’t include foreign money.
But, yeah, I’m sure the fact that a construction worker hurt his finger will help the NIMBY cause. Probably be just as successful as the “subway access creates terrorist targets” nonsense.
On the contrary, I’d like to see it succeed. As I said, I like the Art Deco-inspired building design by a well-known firm like CetraRuddy. I do, however, think that the project faces many challenges and work appears to be moving at a glacial pace.
The EB-5 visa program is a common way of financing building projects you are correct, but my point had to do with the lack of experience of Gemdale in NYC.
45 Broad is a very challenging project, working in a space less than a third of an acre to build a supertall. I hope I am proven wrong and work picks up steam in the very near future. Indeed, I hope my comments can contribute in some small way towards kickstarting the project into high gear.
financing does not equate developing. you literally just disproved your own point.
Gemdale is both financing and developing the build, providing the option to buy materials from two submarkets to capture the best price and delivery.
Again, I want this project to move forward. Pizzarotti needs to place nearly 200 piles for the foundation. I look forward to seeing the building start to rise. At present, however, I am disappointed in the pace and quality of the project. A friend of mine works at CetraRuddy and the impression I got from him is that this building is on the back burner for them.
Madison Equities should consider disentangling itself from its litigation surrounding 212 Fifth Avenue and focus on the tasks at hand, namely 45 Broad. To date, Madison and its partners’ handling of the project has been pathetic. I will continue to post any new information I receive regarding 45 Broad.