45 Broad Street

45 Broad Street is a major residential development site in Manhattan's Financial District, near the New York Stock Exchange and the Broad Street subway station. The project has gone through several ownership groups, designs, financing arrangements, and intended uses. It was initially conceived as a Nobu-branded hotel and condominium tower, later redesigned as a supertall mixed-use residential building, and subsequently reworked into a shorter residential tower after construction was suspended. The site and the adjacent Broad Exchange Building were acquired by Swig Equities in 2006. Swig proposed demolishing an existing structure at 45 Broad Street and removing part of the Broad Exchange Building in order to transfer development rights and create a new tower. The original proposal was a 62-story, approximately 709-foot Nobu Hotel, supported by actor Robert De Niro. It was to include a retail base, 128 hotel rooms, and 77 high-end condominiums. Moed de Armas and Shannon were associated with the architecture, while David Rockwell was associated with the interiors. That scheme was not completed. Swig Equities defaulted on a $49.2 million mortgage from Lehman Brothers in January 2009. The property subsequently entered foreclosure, and Lehman took control in 2012 after acquiring it for $76.79 million. The parcel was later marketed for sale, and Madison Equities completed its acquisition in October 2014. AMS Acquisitions also became involved as an investor, while Pizzarotti-IBC was identified as the construction team for the next version of the project. A new residential skyscraper was presented publicly in 2016. Initially designed by CetraRuddy, the proposal called for 245 residences, a five-story retail base, approximately 62,000 square feet of commercial and retail space, and roughly 93,900 square feet intended for a school. Planned amenities included a fitness center with a pool, an outdoor garden, and multiple lounges. The facade was to include windbreak levels with tall ceilings and terrace areas. The project was marketed toward entry-level and mid-market luxury buyers rather than solely toward the highest end of Manhattan's condominium market. Foundation work began in 2017, and excavation began in 2018. The proposed height was subsequently described as approximately 1,115 feet, which would have made the tower one of Lower Manhattan's tallest residential buildings. The project faced financing challenges, difficult market conditions, and additional development constraints associated with its proximity to the New York Stock Exchange and the security requirements around that institution. Although construction approval was reported in December 2019, work was placed on hold in January 2020. In March 2023, the project was reported to have restarted under Madison Equities and Gemdale Properties. Handel Architects was engaged to redesign the development as a shorter, 52-story building. The revised concept retained a metal-and-glass tower above a five-story base and included a second-floor loggia and a terrace at the fifth-floor setback. Public site signage has indicated that construction is expected to resume with Suffolk Construction as prime contractor, with completion projected for summer 2030; the schedule remains subject to development and construction conditions. The development has also been connected to improvements at the adjacent Broad Street subway station. Plans approved by the New York City Landmarks Preservation Commission in 2016 called for two public elevators, one serving each platform of the J and Z station. The New York City Council approved the elevator-related construction in 2018 and granted additional zoning rights in exchange for the work. Some residents and tenants of nearby buildings objected to the proposed glass-and-metal elevator structures, citing security concerns. As a result, 45 Broad Street is not only a private residential development but also a project linked to public-transit accessibility, z…

The 45 Broad Street site occupies a prominent location in Lower Manhattan's Financial District, adjacent to the Broad Exchange Building and close to the New York Stock Exchange. Its development history reflects the cycles of the New York real-estate market, the effects of the global financial crisis, changing condominium demand, and the complexity of building a tall structure in a heavily secured and historically sensitive district. Swig Equities acquired the site and the adjacent Broad Exchange Building in 2006. The company initially planned a Nobu Hotel backed by Robert De Niro. The proposed building would have combined hotel rooms, condominiums, and ground-floor retail in a 62-story tower designed by Moed de Armas and Shannon, with interiors associated with David Rockwell. The scheme was expected to be completed around 2010 but did not proceed. The project's financial position deteriorated during the financial crisis. In January 2009, Swig defaulted on a $49.2 million mortgage from Lehman Brothers. The resulting foreclosure transferred control of the property to Lehman, which was reported to have taken ownership in 2012 for $76.79 million. The parcel was later offered for sale, and Madison Equities completed its acquisition in October 2014. AMS Acquisitions was also identified as an investor in the development. The next major concept was a residential supertall designed initially by CetraRuddy. Renderings released in 2016 showed a mixed-use tower with 245 residences, a five-story retail base, commercial space, and a proposed school. Amenities included a pool and fitness center, outdoor garden, lounges, and terrace areas. The development was intended to reach buyers below the very top tier of Manhattan's luxury market, with reported planned unit prices ranging from just under $1 million to approximately $4 million. Gemdale, a major Chinese property developer, was among the investors associated with the effort. Construction encountered both financial and site-specific obstacles. The location near the New York Stock Exchange created additional security and logistical constraints, while market conditions made it difficult for Madison Equities to secure funding and achieve the anticipated economics. Foundation work began in April 2017, and excavation was reported to have started in May 2018. At that stage, the planned building height was approximately 1,115 feet. Construction approval was reported in December 2019, but work stopped in January 2020. The scheme was later revised. In March 2023, Madison Equities and Gemdale Properties were reported to have restarted the project with Handel Architects. The new proposal reduced the building to 52 stories and retained a metal-and-glass exterior above a five-story base. The revised design included a second-floor loggia and a terrace incorporated into the fifth-floor setback. Site signage has identified Suffolk Construction as the prime contractor and indicated an expected completion in summer 2030, although the project remains subject to the normal uncertainties of a large construction development. A related element is the construction of two public elevators for the Broad Street subway station serving the J and Z trains. The Landmarks Preservation Commission approved the concept in 2016, with Urbahn Architects overseeing elevator design. The New York City Council approved the work in 2018 and granted 71,391 square feet of additional zoning rights in connection with the public improvements. Residents and tenants of nearby buildings opposed the proposed glass-and-metal elevator structures, raising concerns about security and possible vulnerability to attacks. The elevator plan illustrates how the project has been shaped not only by private development objectives but also by public-transit requirements, zoning negotiations, landmark review, and neighborhood concerns.

1. 2023Revised 52-story project restarts

   Madison Equities and Gemdale Properties restarted the project with Handel Architects and a shorter tower concept.

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2. 2020Construction is suspended

   Construction was placed on hold in January.

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3. 2019Construction approval reported

   The project was reported as approved for construction in December.

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4. 2018Excavation and subway-elevator approval

   Excavation began, and the City Council approved the subway elevator project together with additional zoning rights.

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5. 2017Foundation work begins

   Foundation work began for the proposed residential tower.

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6. 2016Residential supertall plans are published

   A new CetraRuddy-associated concept was presented as a mixed-use residential tower with retail, school space, and amenities.

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7. 2014Madison Equities completes acquisition

   Madison Equities finalized its acquisition of the parcel after it was marketed for sale.

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8. 2012Lehman Brothers assumes control

   Lehman Brothers took control of the property following the foreclosure process.

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9. 2009Mortgage default and foreclosure

   Swig Equities defaulted on a $49.2 million Lehman Brothers mortgage, leading to foreclosure proceedings.

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10. 2006Swig Equities acquires the site

    Swig Equities acquired 45 Broad Street and the adjacent Broad Exchange Building, establishing the basis for a major redevelopment proposal.

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A large-scale Lower Manhattan residential development positioned around high-density urban living, mixed-use amenities, transit access, and proximity to the New York Stock Exchange. Earlier plans targeted luxury and supertall residential demand, while later plans were adjusted toward a shorter tower and a broader entry- and mid-level buyer market.

• 45 Broad Street residential towerResidential development2016

  The principal development is a planned residential tower in Manhattan's Financial District. Earlier proposals envisioned a supertall mixed-use condominium building with 245 residences, a substantial retail base, school space, a pool, fitness facilities, lounges, gardens, and terrace areas. The later design by Handel Architects reduced the project to 52 stories and retained a five-story base with a metal-and-glass tower above it. The building has experienced ownership changes, redesigns, financing difficulties, and a construction stoppage.

• Nobu Hotel and condominium proposalHotel and residential development2006

  The site's first major redevelopment concept was a Nobu-branded hotel and condominium tower associated with Swig Equities and backed by Robert De Niro. The proposed 62-story building was to include 128 hotel rooms, 77 luxury condominiums, and approximately 13,000 square feet of retail space. The proposal was not completed and was replaced by later residential schemes.

• Broad Street subway elevatorsPublic-transit infrastructure2016

  The development is associated with plans for two public elevators serving the J and Z platforms at the Broad Street subway station. One elevator was planned for each platform, with entrances near Broad Street and Exchange Place. The project received landmark and City Council approvals, and additional zoning rights were granted in connection with the public-access improvements.

• 2023Redesign as a shorter 52-story towerGeneration change

  After construction was placed on hold, the development team revisited the tower's scale and design.

  What changed. Madison Equities and Gemdale Properties restarted the project with Handel Architects and a 52-story design.

  Aftermath. The revised concept retained a metal-and-glass facade, a five-story base, and outdoor amenity areas. Public signage has indicated a projected summer 2030 completion.

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• 2018Public-transit improvements exchanged for zoning rightsOther

  The development required approvals for subway elevators outside the Broad Street station.

  What changed. The City Council approved the elevator construction and granted 71,391 square feet of additional zoning rights in connection with the public improvements.

  Aftermath. Nearby residents and tenants objected to the proposed structures, citing security concerns.

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• 2016Shift to a broad-market residential supertallStrategy

  The development team pursued a new concept amid changing conditions in Manhattan's luxury housing market.

  What changed. The project was redesigned as a mixed-use residential skyscraper with 245 residences, retail, school space, and shared amenities.

  Aftermath. The project advanced to foundation and excavation work but later encountered financing and construction difficulties.

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• 2006Proposal for a Nobu hotel and condominium towerStrategy

  Swig Equities sought to redevelop the site using transferred air rights and a hospitality-led luxury residential concept.

  What changed. The company proposed a 62-story Nobu Hotel with hotel rooms, condominiums, and retail space.

  Aftermath. The proposal was not completed and was later replaced by residential tower plans.

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• 2023Project restarts under revised development team and design

  Madison Equities and Gemdale Properties were reported to have restarted the project with Handel Architects and a shorter 52-story design.

  Product generationLeadership change
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• 2020Construction is placed on hold

  Construction activity was placed on hold in January 2020 after excavation and earlier foundation work.

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• 2019Construction approval is reported for the tower

  The project was reported as approved for construction in December 2019 after several years of design and financing development.

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• 2018City Council approves subway elevator-related zoning arrangement

  The New York City Council approved construction of the subway elevators and granted additional zoning rights connected with the public-access improvements.

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• 2017Foundation and excavation work begin

  Foundation work began in 2017, followed by excavation in 2018, as the project moved toward construction of a proposed supertall tower.

  Product generationOther
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• 2016New supertall residential proposal is unveiled

  A redesigned mixed-use residential tower was presented with 245 residences, retail space, school space, and extensive amenities.

  Product launch
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• 2016Public subway elevator plans receive landmark approval

  The Landmarks Preservation Commission approved plans for two public elevators connecting to the Broad Street station.

  RegulationOther
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• 2014Madison Equities acquires the development parcel

  Madison Equities finalized its acquisition of the 45 Broad Street parcel after the site was placed on the market.

  M&A
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• 2012Lehman Brothers takes control of the property

  Lehman Brothers took control of the property following the foreclosure process and an acquisition reported at $76.79 million.

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• 2009Swig Equities defaults on mortgage tied to 45 Broad Street site

  Swig Equities defaulted on a $49.2 million mortgage from Lehman Brothers, leading to foreclosure proceedings involving the development site.

  BankruptcyOther
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1. 45 Broad Street