Thursday, 30 June 2016

The Average Condo at Financial District Supertall 45 Broad Street Will Ask $2.7M

A new filing indicates that the average cost of a condo in the building will be $2.7 million

A new construction memo spotted by The Real Deal divulges new details about the Financial District's forthcoming supertall tower at 45 Broad Street. The office and condo development of Madison Equities and Pizarotti IBC is anticipating a condo sellout of $560 million, meaning the average cost of one of the 1,115-foot building's 206 apartments will be $2.7 million. The memo also states that the building will offer studio to four-bedroom apartments with units ranging in size from 601 to 3,066 square feet. The tower will allegedly target entry- to mid-level buyers with apartments that ask below $2,000 per square foot.

Although filings with the Department of Buildings mention a much shorter rise and number of units—66 stories opposed to 86, and 150 apartments instead of 245, the memo appears to offer a different set of numbers. According to TRD, the CetraRuddy-designed tower will rise to 84 stories.

Sales at 45 Broad Street are expected to launch in June 2017, and construction is anticipated to be complete by August 2019 (although—come on now—everyone knows that's a pipedream.)


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