Developer Madison Equities filed plans on Thursday to demolish two five-story buildings at 14-16 Fifth Avenue in favor of a 21-story, 244-foot luxury apartment tower. According to The Real Deal, Madison Equities bought the property with City Urban Realty in 2015 for $27.5 million and at the time cited plans to renovate the existing apartments. The buildings currently contain 20 units of “relatively affordable housing” while the proposed new building would comprise 18 “super-luxury” units. The Gothic Revival townhouses date back to 1848 and are landmarked within the Greenwich Village Historic District so the plans can only proceed with approval from the Landmarks Preservation Commission.
Jane Jacobs-developed West Village Houses may be replaced by luxury complex to preserve affordability, Fri, November 3, 2017
West Village Houses. Courtesy New York City Municipal Archives
As the clock ticks down on a significant and decades-old property tax break for residents of the 420-unit West Village Houses, developer Madison Equities has proposed a possible solution–with a price, Crain’s reports. The unassuming affordable West Village cooperative located between West Street and Washington Street was developed in the 1970s by Jane Jacobs. The tax break expires in March, and residents are scrambling to find a solution to offset the impending increase in monthly fees. The development firm has attempted to entice shareholders with another option: an offer to purchase the buildings, demolish them, and allow current residents to snag affordable apartments in a new 42-building development that would span seven sites bounded by Washington, Morton, West and Bank streets. The new development, which would add yet another massive apartment complex to the low-rise neighborhood would also include luxury units.
Rendering of 45 Broad Street found on-site, via CityRealty
The Financial District’s second supertall located just one block south of the New York Stock Exchange is getting ready for construction. The tower, found at 45 Broad Street, will reach 1,115 feet, feature 66 floors and include about 200 condominiums. As CityRealty discovered, new on-site renderings show a slender structure with an Art Deco style and pointed Gothic architecture. Designed by CetraRuddy, the tower will be the second tallest tower in Downtown Manhattan after 1 WTC, and the architecture firm’s tallest tower yet.
Madison Equities and Pizzarotti Group filed a new building application yesterday to construct a 1,115-foot supertall skyscraper at 45 Broad Street in the heart of the Financial District. When finished, reportedly in 2018 (good luck with that), the tower will be the second tallest building in lower Manhattan after 1 WTC, and the sixth tallest in the city.
As detailed by the application, the tower will comprise 371,634 gross square-feet of floor area spread across 66 floors. Listed are 150 units, a bit less than the 245 condo-residences Pizzarotti CEO, Rance MacFarland said there would be earlier this year. Supposedly, the building will cater to “entry- and mid-level buyers” with relatively conservative prices of below $2,000 per square foot on average. To afford the maximum amount of residences with coveted views of the harbor and the skyline, apartments will begin on the 15th floor where they are configured at four-units per floor up to the 33rd level. Floors 35-51, 53,55 and 57 will have three units per floor and floors 52, 54, and 58 just two units. Floors 61 and 62 will host two duplex aeries and the uppermost residential floor, 62, will house a single full floor penthouse that will be the highest residence in hemisphere outside of Billionaires’ Row. Amenities on the lower, view-deprived floors will include a 60-foot indoor lap pool, a gym, a garden, a pet spa, a game room, bike room and other entertainment areas.
Back in January, 6sqft uncovered preliminary renderings of downtown supertall 45 Broad Street, a project of Madison Equities and Italy-based Pizzarotti Group that’s reportedly being designed by the architects at CetraRuddy. The design showed a presumably glass tower, “crowned by a distinctive pitched roof and an angling cantilever located some 400 feet above street level along its northern facade.” After groundwork began at the site earlier this month, The Real Deal has now obtained more concrete views of the tower, which will stretch 1,100 feet high, have 86 floors, and contain 245 condo residences catering to entry- and mid-level buyers. The new renderings mimic the original massing, but show much more detail, like the golden, Gothic-inspired ribs traveling up the facade, the pointed crown, and the narrow mid portion.
Wasting no time getting started, Madison Equities and Italy-based Pizzarotti Group have begun soil testing at the site of their upcoming supertall tower 45 Broad Street. After 6sqft revealed a trio of preliminary renderings last month, Pizzarotti Group’s CEO Rance MacFarland told Curbed that the tower will stretch 1,100 feet high and have 86 floors. He also shared that it will contain 245 condo residences catering to “entry- and mid-level buyers.”
** UPDATE as of 1/6/16: Pizzarotti CEO Rance MacFarland confirmed to Curbed that 45 Broad Street will be a 1,100-foot-tall, 86-story supertall tower. It will have 245 units that will cater to “entry- and mid-level buyers,” as well as five floors of commercial and retail space.
Last October, it was announced that the long-vacant lot in the heart of the Financial District at 45 Broad Street would be redeveloped into a 65-story residential skyscraper by way of a partnership between Pizzarotti IBC and Madison Equities. Now, via Pizzarotti’s project page, we have our first look at the design of the 300,000-square-foot CetraRuddy-designed tower that the development group affirms “will be the highest condo in Downtown Manhattan.” The team will have to move quickly, though; at least two condo towers are proposed to be taller including Shvo’s supertall at 125 Greenwich Street.
Though sales began a few weeks ago, listings are up for 212 Fifth Avenue, the highly-anticipated in-progress Nomad condo conversion by NYC-based firm Helpern consisting of 48 two-, three- and four-bedroom residences in a landmarked 1912 neo-Gothic building at the northwest corner of Madison Square Park. Listings with Town Residential–16 currently–range from 5C, a $3.9 million fifth-floor two-bedroom home, to $16.1 million for one of the building’s 4,000-square-foot+ four-bedroom residences on the 15th floor.
Floors 3-13 of the 24-story building offer three units per floor while floors 14-19 offer two; two immense triplex penthouses with Empire State Building and city skyline views are still to come. All homes boast multi-zoned heat and air, vented kitchens and bathrooms and smart home technology. Interior finishes were created by renowned designers Pembrooke & Ives and include eight-foot doors, book-matched marble, solid oak floors and custom cabinetry.
Renderings of the tower at 900 feet, courtesy of CityRealty
Last week it was announced that the long vacant Financial District lot at 45 Broad Street would be redeveloped into a 65-story condominium tower through a partnership between Madison Equities and the Pizzarotti Group. According to The Real Deal, “The buyers closed on the purchase of the land for $86 million and secured a $75 million acquisition loan.” While it is not yet clear what the project’s exact size and number of units will be, given the lofty ceiling heights of today’s high-end condo developments, 65 stories could yield a tower of up to 900 feet.
*** Update via the development team: Interior renderings from ASJNY are only conceptual and do not represent the actual project moving forward.
Here’s our first look at what the residences of a highly anticipated condo conversion at 212 Fifth Avenue could look like. In March we revealed a set of whimsical renderings for a conceptual design whipped up by the visualization artists ASJNY.
The actual plan going forward, approved by the Landmarks Preservation Commission this past April, calls for a more sensitive touch. In addition to carving out 48 homes, the 1913 neo-gothic building’s ground-level storefronts will be renovated, its parapets reconstructed, and the tower’s stately limestone, terra-cotta and brick exterior will be restored, which may entail creating some additional windows.