The sentence in bold is not correct if the author is saying that no construction financing has been lined up. I last heard that the developer consortium behind 45 Broad made up of Madison, Gemdale, and AMS were looking for a $287 million construction loan, amounting to about 65% of the total cost.
looking for, but not acquired.
But that information is from mid-2016 and I haven’t heard more since. So who is the source stating that the consortium has failed to raise any part of the $287 million it was after back in 2016?
that kind of information is generally disclosed, so the fact that there has been no news on the matter suggests they haven’t acquired one yet.
As privately held entities, why would they feel compelled to disclose the financing for a project with a completion date somewhere in the vicinity of 2021? I don’t believe there was a source on the state of the project’s financing. It was rather just a poor choice of words by the article’s author.
Things like that are kept confidential. One, for competitive purposes. Similar to leasing agreements or negotiations. Banks also compete for business. Granted there is risk mitigation, but at the end of the day, banks want the business. If risk is low, you can be sure as hell banks would want in on the action. Also, a lot of employees are held liable for disclosing such info.
We had a member here that was fired because he revealed confidential info. Granted he used his actual name on the forum, which was a no no, but point is, you can be held liable, especially if there are contracts involved, which typically there are.
there’s also the possibility that the author contacted the relevant parties for information and was told directly by them. No doubt they’re in the middle of negotiations if a loan hasn’t already been secured. They’re not going to reveal with whom or exactly how much until its finalized. It could also be speculation, but its based upon what has been previously disclosed. That’s what we know for now. We could receive news of a construction loan tomorrow, or next year.
Construction loans for residential properties in NYC typically aren’t issued until towers are well into construction. I can’t think of any major NYC residential building in recent years that received full financing prior to construction.
And I feel like they still have a long way to go with all those SOE piles they have to drill on almost every edge of the property. Then they can start excavating. Then they can get the loan to build up.
Work Continues For 45 Broad Street, The Financial District’s First Impending Residential Supertall
As of right now, there are two pile drivers, two excavators, and multiple large hollow pipes that are being pounded into the earth to form a stable foundation before the superstructure rises. Since excavation for 45 Broad started back in May, progress has been a little slow given the logistical difficulties of bringing materials in and out of the site. The front elevation sits along a section of Broad Street where vehicular traffic is limited, and must pass through a security checkpoint. The only other road that leads to the site is in the rear, accessible through a garage door that’s part of the residential tower at 15 William Street.
The bottom floors will have the main entrance, offices, and amenities. The residential units will start 240 feet above street level, and go up as high as 950 feet, before yielding to the sloped crown decorated with a weave of thin overlapping bronze panels. People living in the building will be able to see the entire skyline of Lower Manhattan, the confluence of the Hudson and East Rivers, Jersey City to the west, Brooklyn to the east, and views of the Verrazano Narrows Bridge to the south.
45 Broad’s position among the skyline will put it far enough from other tall buildings like 40 Wall Street, 60 Wall Street, 70 Pine Street and 20 Exchange Place, so that it stands unchallenged in both height and architectural design.
Completion of the project is expected around 2021, but that means vertical ascension has to happen sometime before next summer.
This will come in handy
Damn awfully nice of them to have that. I wish every building going up had a construction blog.
Thanks for posting. Any idea who runs the website? Madison, Pizzarotti, etc.? The contact email is a Gmail account and the contact phone number has an area code that’s in Sonoma County. The domain was registered on December 20th and the first post made on December 21st. The text includes terms like “we” and “our site” which suggest the updates are coming from someone within the consortium developing, designing, or building 45 Broad.