Team to Develop As-Of-Right Condominium Tower With Commanding Views and Amenities for Occupancy in 2019
New York, NY – October 26, 2015 – Real estate developer Madison Equities, in partnership with Italian multi-national construction services company Impresa Pizzarotti & C. Spa, announced the acquisition of 45 Broad Street from 45 Broad Street L/CAL LLC for $86 million. The announcement was made by Robert Gladstone, Principal of Madison Equities and Giorgio Cassina, Managing Director of the foreign department of Pizzarotti.
Madison Equities, with more than 50 years of experience in New York City real estate development, has a number of projects under way in Manhattan today, including the redevelopment of 212 Fifth Avenue and the new condominium tower at 10 Sullivan Street. Pizzarotti is an Italian international construction services company founded in 1910. Pizzarotti operates as builder and principal in numerous projects throughout Europe, Africa, Middle East and the U.S.
Pizzarotti IBC, the US branch of the group, will be the Construction Manager and the builder. Pizzarotti IBC, managed by Frank DeGrande and Rance MacFarland, is already working on residential and hotel projects in Manhattan and Brooklyn.
45 Broad Street, located in the heart of Manhattan’s Financial District and steps from the New York Stock Exchange and World Trade Center, is a vacant site offering approximately 290,000 sq.ft. of FAR for development. Madison Equities and Pizzarotti plan a condominium tower constructed atop an amenity-filled podium to offer commanding views of the transforming skyscape and historic New York Harbor. The developers will deliver condominium units for occupancy in 2019.
45 Broad Street will be designed by noted architect Cetra Ruddy, whose recent projects include One Madison Avenue, Walker Tower and the Orion.
“We are delighted to acquire this marvelous site, so beautifully assembled and rich with potential,” Madison Equities’ Gladstone said. “We look forward to creating an extraordinary building with our partners in a new, thriving Downtown market. The building will provide outstanding panoramic views of the Hudson River, New York Harbor and the revitalized World Trade Center area.”
“Pizzarotti’s real estate experience in markets such as Italy, France and the Principality of Monaco is of great value to our partners, and working with Madison Equities on such a unique project in New York is a wonderful new opportunity to bring all of our expertise to this development,” Pizzarotti’s Cassina said. “To be the developer and builder of such an asset will highlight the qualities that our vast experience in special projects in residential, healthcare, hotel and other developments have brought us, and we look forward to the challenge.”
Said Pizzarotti IBC’s CEO Rance MacFarland, “We’re known locally for constructing some of the most detailed, technically challenging and cutting edge properties in the City, and we are pleased to bring our capacities to this project. 45 Broad Street will be a wonderful showcase for our passion.”