Permits & development · Owners & management · Deals & development · 10/19/2026
45 Broad Street lot goes under contract after supertall condo plan stalled
The vacant lot at 45 Broad Street, across from the New York Stock Exchange, is under contract. The buyer and price are unknown. Plans for a 1,100-foot, 226-unit condo tower stalled, and a 2023 plan for a 52-story, 302-unit building followed. The site is permitted for residential, office, retail or hotel use.
Reported by The Real Deal · New YorkRead the original ↗
What happened
The vacant lot at 45 Broad Street in the Financial District, directly across from the New York Stock Exchange, is under contract to be sold, The Real Deal reported on 10/19/2026. The 12,600-square-foot site sits between Exchange Place and Beaver Street. It was once planned as the home of a supertall luxury condo tower.
The buyer and the contract price are not known. A source told The Real Deal that the seller, Gemdale Properties, was seeking a price in the $60 million range. Bob Knakal of BKREA, who marketed the property, declined to comment. Gemdale did not immediately respond.
Madison Equities, led by Robert Gladstone, bought the site in 2015 for $86 million. In 2016, Gemdale, one of China's largest developers, paid $69.9 million for an 81.3 percent stake. The partners first planned a 1,100-foot tower with 226 condos priced at $2 million to $3 million each, designed by CentraRuddy Architects. Madison's website says it has since sold its interest. In 2023, Gemdale filed plans for a smaller 52-story building with 302 units, with Lendlease as construction manager.
According to the listing, the foundation has already been built. The site is permitted for residential, office, retail or hotel use. It was marketed as one of the last sites vested under the former 421a tax abatement.
Key facts
- Address
- 45 Broad Street, Financial District, between Exchange Place and Beaver Street
- Lot size
- 12,600 square feet, currently vacant
- Status
- Under contract; buyer and price not disclosed
- Seller's target price
- In the $60 million range, per a source cited by The Real Deal
- Past purchases
- Madison Equities paid $86 million in 2015; Gemdale paid $69.9 million for an 81.3 percent stake in 2016
- Original plan
- 1,100-foot tower with 226 condos priced at $2 million to $3 million each
- 2023 plan
- 52 stories, 302 units, Lendlease as construction manager
- Tax status
- Marketed as one of the last sites vested under the former 421a abatement
What it means
Tenants and voucher holders
There is nothing to apply for yet. The material does not say whether a new owner will build rentals or condos, or whether any units would be affordable.
Buyers and owners
The deal shows a stalled downtown site being sold below what earlier owners paid, if the reported $60 million target holds. A built foundation and 421a vesting were key selling points.
Landlords
For small owners, this mainly signals how much value developers place on keeping access to the expired 421a benefit for sites that qualified before it ended.
The highlights
- Seller Gemdale was eyeing a price in the $60 million range, a source said.
- Madison Equities bought the 12,600-square-foot site for $86 million in 2015.
- The site is vested under former 421a, with its foundation already built.
Why it matters Landlords
Shows how much a vested 421a site with a built foundation is still worth to buyers, even after big condo plans stalled.
Not known yet
- Who the buyer is and the final contract price
- Whether the buyer will pursue the 302-unit plan, a different residential plan, or office, retail or hotel use
- Whether any future units would be rentals and whether any would be income-restricted
- When construction might resume or the deal might close
Background
The 421a program, administered by HPD, gave new residential buildings in New York City a property tax break for many years. It expired for new projects in June 2022 and was later replaced by a program called 485-x. Projects that had started construction before the deadline could still qualify if they met completion requirements, which is why a site described as vested under 421a can carry extra value. In the program's later versions, rental projects generally had to set aside a share of units as affordable, often offered through HPD's housing lottery. The exact rules depend on the option a project uses.
Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.
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