The CetraRuddy-designed, 1,115-foot supertall residential tower planned for 45 Broad Street in New York’s Financial District has been postponed and is looking at a height chop. Renderings revealed over three years ago showed a skyscraper clad with a latticed bronze exterior, evoking the city’s art deco history. As The Real Deal reports, developers Madison Equities and Gemdale Properties have delayed construction due to “market conditions”—in other words, an overabundance of new luxury units across the city that have remained unsold—the tower’s technical challenges, and location issues.
Madison and Gemdale are maintaining that they expect the project to be completed, but haven’t offered a timeline for when that’s expected, although the team anticipates pouring the foundation soon. “45 Broad Street remains a top priority for the development team, and we have strong long-term confidence in the project’s viability,” a spokesperson for the developers told The Real Deal. The project was initially scheduled to be completed in spring 2021.
It also appears that the building will face some design changes. The Real Deal also reported that the building would top out at 80-feet shorter than originally proposed. The program for 45 Broad Street includes 206 residential units, as well as 62,000 square feet of commercial space and a 94,000-square-foot school.
The recent developments underscore the downward trend for the ultra-luxury housing market. In an article recently published by the New York Times, it was reported that almost half of the new condos in Manhattan finished after 2015 remain unsold, with the average citywide price hovering around $3.7 million per unit. Since 2009, 1,396 new units have been added in the Financial District alone. Despite the fact that much of the new construction in Manhattan has sat unsold for years and the current inventory could take up to six years to sell, developers Madison and Gemdale are expecting the project to move forward. “Due to short-term conditions in the Lower Manhattan market, we have decided to delay on constructing the building in the near future,” said the spokesperson.