Cushman & Wakefield announced today (Wednesday) that it has been exclusively appointed to market 45 Broad Street, a development opportunity in the Financial District.
Located steps from the World Trade Center, 45 Broad Street is a vacant site offering approximately 264,200 s/f of FAR for residential and/or commercial use.
The development scope is ideal for a super-luxury residential or mixed-use property. An investor has the opportunity to construct a new tower in the Financial District, within the C5-5 Special Lower Manhattan zoning district, which has no specified height restriction.
Based on initial architectural studies, the site can support a 45- to 50-story tower, according to the brokers marketing the site – Nat Rockett, Helen Hwang, Jared Kelso, Karen Wiedenmann and Sujohn Sarkar.
“The Financial District is experiencing tremendous condo demand from domestic and international buyers, with existing condos experiencing 25% year-over-year growth and properties under development projecting sellout prices of $2,500 to over $3,000 per square foot – more than twice the Downtown average,” the team said in a press release.
Added Rockett, “While it’s been talked about for quite some time, the Downtown story is just now taking off with respect to commercial demand and residential pricing.
“With the arrival of major employers to the World Trade Center, the addition of two spectacular transit hubs and one million square feet of new retail, the stage is set for a world-class residential, hotel or mixed-use project at 45 Broad.”
“Downtown is benefiting from $30 billion in public and private investment, and has become a globally-recognized leisure destination,” said Kelso, managing director of C&W Global Hospitality.
“The Downtown hospitality market is currently under-supplied and a flagship hotel within 45 Broad would accommodate the unmet needs of the high-end corporate and leisure traveler.”
