I believe this will start in fall or Q4. I remember reading an article way back mentioning fall. Still, the suspense is killing us all. I think it’s kinda like that with all of the super talls. I just want the steel safe in the ground so that I know with 100% that its happening. Nothings worse than finding out something has been canceled or delayed.
This is full steam ahead, lads!
These majestic old gems need a great new neighbor!
Really excited that Lower Manhattan is getting in on the supertall action (outside of the World Trade Center). I want it to rival the Dubai Marina in terms of vertical nature.
We’re off to a good start with 45 Broad and 80 South.
The world capital roars on!
Don’t forget 125 Greenwich. Also, 5 WTC likely will be residential and should easily exceed 1,000’.
I’m hoping that the 5WTC plans return, and if it becomes a residential, hotel or both, it’ll be great and symbolic for the site!
More Investors Sign On to 45 Broad St.
Madison Equities is taking on foreign partners for the skyscraper the New York development firm plans to construct at 45 Broad St. downtown.
Gemdale Properties and Investment, a developer in the Greater China region, will join Madison Equities and Italian real-estate company Impresa Pizzarotti & CSpA in building a 1,100-foot tower with 206 condo units and 59,000 square feet of office space, according to Robert Gladstone, chief executive of Madison Equities.
In its first New York project, Gemdale will serve not only as investor but also development partner, Mr. Gladstone said.
“We live in a global society; everything is a collaboration today,” Mr. Gladstone said. “This allows [Madison Equities] to buy materials from two submarkets and take advantage of the best materials, price and delivery.” The building’s curtain wall, he said, will be made in Europe.
Gemdale was drawn to the project partly because of the anticipated pricing for the residential condos, according to Mr. Gladstone. In response to a softening market for ultraluxury apartments, Madison Equities decided to include smaller apartments at lower price points.
“Ninety percent of the apartments fall into $4 million and below pricing, with some priced below $1 million,” Mr. Gladstone said. “No one is doing that in Manhattan for new luxury development.”
Mr. Gladstone declined to disclose the price of the project and said structural costs are still being calculated. The venture plans to break ground this fall and anticipates construction to last about three years.
Nice! Researching on Gemdale, they are big time in China. They are one of the largest real estate developers in China.
this tower will be a big deal for the skyline especially for the east river views.
I agree! I can’t wait for renderings of 80 South St too!
Yep, its about time for the east side of lower manhattan to get a few supertalls. While the Hudson river lower manhattan views get all the glory I though it was most interesting from the south and south east. Out in the bay looking right down Wall Street and seeing trinity church was very cool.
This tower will completely alter this views, and if 80 South Street gets built even more so.
The developers are looking to break ground in September on the 84-story, 1,127-foot-tall residential-and-office condominium tower.
1,127-foot-tall, 84 Story Tower
The Age of Ramses continues apace!
Great news. Continuing the super tall train. The next stop is… LIC. Please watch the gap when crossing the platform!
IDK why the super tall train is NJ Transit in this metaphor, but it works!
I’m John Boehner, and I endorse this message!
Bring it on, lads!
Yeah I never got why everyone panicked when the ultra luxury sector started to slow down. IT does not mean the end of NYC development. The critics often like to point to one sector performing a little slower than the previous quarters, and say that this is the end of the boom. Quite the contrary. The residential sector is booming. The demand is sky high. Just not as much at the 20+ million range, but units from 500k - 2 million are in a massive shortage. Units in that range are a bulk of the the types that are rising in the outer boroughs and as we’ve seen, there are 1000’s in the pipeline that have been proposed and many 1000’s rising. A nice influx towards the supply for 2016 onward.
A wealthy friend recently asked me if its time to buy a residence in Manhattan. I told him it’s a soft market for the units above 3-M which will probably force down the price of while the raging demand for the sub-3M units will undoubtedly drive the price of these units up. When my friend asked me about the availability of units under 2M, I told him to"Forget about it".
I agree. Its so hard to find a unit, like a 2 or 3 bedroom for 800k. Than you have to deal with bidding in some cases. It’s a tough market. Even a million is kinda a bargain depending on the neighborhood and lets say a nice view. If you can find one of course.