Next up in our Turkey Week tour of stalled projects is 45 Broad Street, a 1,115-foot-tall residential skyscraper planned to become the tallest such structure in the Financial District. Designed by CetraRuddy and developed by Madison Equities and Gemdale Properties, the slender tower is most notable for its Art Deco-style appointments and sloped ornamental crown. Pizzarotti was formerly involved in the development of the project. It was announced earlier this year that 45 Broad Street will also have a slight height reduction of 80 feet to meet Federal Aviation Administration guidelines, according to the city’s Department of Buildings.
All previous construction equipment that was once on site has been removed. The only notable remnant of work that is still present is a row of steel rebar as part of the pilings lining the southern perimeter on the narrow plot. They remain inserted and running parallel with multiple pieces of insulation boards lined up against the blank abutting wall, and mostly buried beneath dirt that hasn’t been excavated. The site sits behind a green construction fence and metal gate along Broad Street, where the sidewalk has been cleared of construction barriers and opened to pedestrians again.
45 Broad Street. Photo by Michael Young
45 Broad Street. Photo by Michael Young
45 Broad Street. Photo by Michael Young
Construction on 45 Broad Street initially started in September 2017, but has encountered financial challenges in addition to an oversaturated real estate market. Nonetheless, if the project is eventually built as designed, its elegant combination of sleek bronze and glass panels will make for a bold addition to the Lower Manhattan skyline. With its modern take on classic architectural themes, it would add nicely to the collection of historic Financial District towers including 40 Wall Street, 70 Pine Street, and 20 Exchange Place.
YIMBY will keep an eye out for a revised construction timeline for 45 Broad Street.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
No one is going to build anything down there now. Over saturated market and also the city put the worst and most dangerous homeless shelter for men only a block away at a hotel of all places! De Blasio killed 3 billion worth of revamps with horrible corrupt decision making done in Fidi. De Blasio ruined Manhattan and nyc for at least a decade. No one wants to spend that kind of tax dollars in nyc for dangerous homeless men with record who are getting 120-260 dollar rooms a night and shady hotel owner millions for this. De blasio is the most corrupt mayor in all of America. Someone needs to do a Mayor investigation on the deal De blasio is doing now!!! The is extremely corrupt and no one wants to move to nyc for a while.
Is running de Blasio down all the time like your reason for living? Who are you? Why are you even here?
If any one political act helped kill the ultraluxury market, it’s the 2017 tax law limiting the SALT deduction. Do the math, on a combined 12% state and local income tax rate, for someone in the top bracket that and added a 4.3% income bonus to the decision to leave NY for Florida.
Absolutely true. This was a “blue state” punishment that has had the desired effect by Republicans.
The market’s oversaturated and newly finished buildings aren’t selling.
COVID has sealed that deal. That’s why multiple luxury projects are screeching to a halt.
But, not only is this project four blocks from the shelter you speak of, welcome to New York City. In this town people buy 8 figure condos within a block or two of housing projects, homeless shelters and SROs. It’s routine.
Meanwhile working class apartments are still unaffordable.
What led the hoteliers to make a homeless shelter there? Dimi ished white collar hotel customer traffic?
That area is mainly 9-5ers. Thoee working late take black cars. Or walk to jmz. 23. 45ac. Trains. Additonal security can cover all those fears.
As for pan handlers and the dmell of urine while walking? Welcome to nyc.
For some reason I never have really cared for 45 Broad Street. True, it has an Art Deco inspired style that I like, but I feel this one doesn’t cut it. I think similarlly tall buildings like 111 West 57th Street and 9 DeKalb Avenue are a lot more interesting and elegant design-wise. 45 Broad Street is different though, and if this building were to ever rise up in the Lower Manhattan skyline, I almost feel like it’d be quite an eyesore. Hopefully something will be done about this building in 2021, which could either be redesigning it and making it shorter or just simply canceling it. Overall, I think a New York City building to be on hold for almost three years is really unacceptable and the developer should probably move on. And one last thing, what is wrong with Lower Manhattan skyscraper projects!?
“A slight height reduction of 80 feet”?
It looks more like it’s had a ‘not so slight’ height reduction of 1,115 feet 🙂
My two cents says the design looks great and would be welcome addition to the otherwise bland skyline of minimalist towers.
Regarding the 80′ height reduction for FAA guidelines, the FAA regularly (after some aeronautical study) can make a “Determination of No Hazard to Air Navigation” which will allow the previous height, and if the offending height was contrary to one of the Airport Obstruction Maps found in the NYC Zoning Resolution, the Board of Standards and Appeals shall consider the favorable FAA input and issue a Special Permit waiver of the “obstruction” under ZR 73-66.
I have to agree with John, above.
Apparently, developers have seen the handwriting on the wall as far the future of NYC is concerned under the present political control, and it’s bleak at best.
Those old enough to have experienced the financial collapse of NYC in 1975 know very well that THIS financial collapse of the city is ten-times (if not more) worse than that one, and it took 20 years, three mayors, and an independent Financial Control Board to straighten it out. At that time, NYC STILL had a very large tax income going into the city’s coffers (sales, income, property taxes, etc), which they don’t have, and won’t have, for this one.
And the politicians are going out of their way to hide behind “covid” to keep this pending collapse off the front pages.
“Stalled” developments may be underestimation of what’s to come, unfortunately.
Go get some fresh air.
QC observation here.
The steel rods, if not protected from the elements, will rust and weaken over a short period of time. May need a new foundation when a new building is erected on the site.
Another one runs out of cash, this was never planed right from the start, one blueprint was at the height the city allowed, and another one was beyond what the air rights allowed, who looked into these before they got this far, NO One…
I am looking for a job like maintenance cleaning porter housekeeping building cleaning porter position
Incredible how quickly fortunes can turn! We we’re all singing a different tune about this building a year ago.
Looks like this skyline will be frozen for a solid decade.
We will see. The plot is valuable. But dont see the million dollsr unit demand now.
I agree with John, DeBlaiso couldn’t have done a better job of destroying the world’s pre-eminent city if he tried..