Gemdale Invests $70 Mil in NYC Condo Tower for 4th US Deal in 12 Months
Chinese real estate developer Gemdale Properties & Investment has made its fourth major investment in the US over the last 12 months, and its first in New York, as the Shenzhen-based firm continues to expand its North American footprint.
The state-owned developer handed over $69.9 million for a piece of 45 Broad Street, an 84-story, 1,127-foot (343 metre) supertall tower of residential and office condominiums being built by New York developer Madison Equities, according to a report in the Real Deal citing public records.
Under the terms of the agreement between Gemdale and Madison Equities, the Chinese firm is reportedly taking an 81.3 percent stake in the $442 million project. Together, the development partners expect to invest $100 million in equity into the project, with a Gemdale affiliate tagged to provide another $55 million in financing through the EB-5 investor visa program. The developers are also said to currently be in be in the market for a construction loan.
Reports in June had already indicated that the Shanghai-listed property giant would serve as a developer, as well as an investor, joining Madison Equities, Impresa Pizzarotti & CSpA and AMS Acquisitions in the project. Financial details of that partnership only emerged this month.
The project in lower Manhattan’s financial district is planned to include 206 units, with an average asking price of $2.7 million.
In June, Madison Equities had indicated that construction would begin in September this year.
Superstructure and foundation permits filed (9/19)
Looking at the superstructure permit is states 66 stories…hmmm
Nothings Changed from the original new building permit.
These days, you can’t really go by floors as we can see with Nordstroms advertised 131 Floors! I’ m not sure where the 1,127 FT height originated from, but i’ll take it if that’s the case.
Maybe, 1,127 FT is the total height figure including the crown.
Drawing that I made in about four hours without tracing; only copy an image from the computer and later add where the new towers will be. 45 broad street is as tall as 1WTC because it’s closer to the foreground in this case. Haha I included Foster’s 200 Greeneich Street because I love that the most. Thomas, and everyone, hope you enjoy this!
Nice job buddy!
Nice work, Mike.
Haha thanks I wish Silverstein could see this himself haha
Fricking amazing. This is gorgeous
This looks great! Keep making more!
45 broad looks really cool, and I also like that you added 125 greenwich, 99 hudson, all 3 urls and the foster design. Any others that I missed? Is that the ellipse on the far right (middle right in this drawing) in the jc skyline?
Lovely. Looking forward to 45 Broad St.'s golden crown.
Yes, I’m glad you were able to notice that haha
I’d buy this and frame it. This is really a cool painting and I think its gorgeous. Are you selling?
You’re very talented! Impressive work.
Thank your for the compliment. Unfortunately no, I would like to hold onto it and maybe add on more Skyscrapers if any other future proposals come in the view haha. Have a nice day!
That is why you are nicknamed “Michelangelo”!
Very well done!
Liked that you added the Foster’s 2WTC.